RICHMOND, Va., Sept. 7, 2019 /CNW/ -- Markel Corporation (NYSE:
MKL) today announced the launch of Lodgepine Capital
Management Limited, its new retrocessional Insurance Linked
Securities (ILS) fund manager in Bermuda, together with a
reinsurance company, Lodgepine Re. Lodgepine's initial product
offering will be the Lodgepine Fund, a property catastrophe
retrocessional investment fund ahead of the 2020 renewal
period.
"Lodgepine will expand Markel's current range of ILS
capabilities and provide institutional investors access to more
opportunities in insurance risk, complementing our existing Nephila
and State National operations," said Richard R. Whitt, Co-Chief Executive Officer at
Markel. "Lodgepine further strengthens our position as an
industry leader in the increasingly important ILS market."
Markel's Andrew "Barney" Barnard will serve as Lodgepine chief executive
officer. Additionally, the entity is drawing from Markel's deep
talent by appointing James "Jamie" Welsby as chief investment
officer and John Duda to lead the
retrocessional portfolio management team.
"We have been thoughtful both in the name of the company and
the composition of the executive team," said Jed Rhoads, president and chief underwriting
officer at Markel Global Reinsurance, who will be chairman of
Lodgepine. "The Lodgepole pine is renowned for its
durability and the name Lodgepine reflects Markel's long-term
commitment to provide insurance and reinsurance coverage to its
insureds and attractive return opportunities to investors."
The Lodgepine Fund will provide investors with access to
property catastrophe retrocession exposure via a single-entry point
and platform, offering cedants a suite of property retrocession
products with the ability to have coverage provided either on a
collateralized basis, written by Lodgepine Re, or on a rated paper
basis written by Markel Bermuda Limited, or a combination of
both.
The Bermuda Monetary Authority (BMA) has given its approval in
principle for the licensing of Lodgepine Re, the reinsurance
company, and once all requisite approvals of the other Lodgepine
entities have been obtained, Markel will work to have all entities
organized and capitalized in the coming weeks.
About Markel Corporation
Markel Corporation is a
diverse financial holding company serving a variety of niche
markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses,
it seeks to provide quality products and excellent customer service
so that it can be a market leader. The financial goals of the
Company are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder
value. Visit Markel Corporation on the web at
www.markel.com.
Disclaimer
Some of the statements in this release may
be considered forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about Markel's beliefs,
plans or expectations, are forward-looking statements. These
statements are based on Markel's current plans, estimates and
expectations. There are risks and uncertainties that could cause
actual results to differ materially from those expressed in or
suggested by such statements. Markel assumes no obligation to
update this release (including any forward-looking statements
herein) as a result of new information, developments, or otherwise.
This release speaks only as of the date issued.
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SOURCE Markel Corporation