PRNewswire/ — 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.
institutional investors access to more opportunities in insurance risk,
complementing our existing Nephila and State National operations,” saidRichard
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 andJohn 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,” saidJed 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 atwww.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.
SOURCE Markel Corporation