Markel

The deal is expected to close later this year, subject to usual regulatory approvals.

Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.

The classic car underwriter will use the proceeds from its most recent fundraise to spur organic growth, and invest in data, technology, and geographic expansion.

New Markel board member Morgan Housel has boardroom history that includes Long-Term Stock Exchange and Camino Financial.

Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.

Markel fills Southeast regional president position from within, tapping industry veteran Steve Girard.

The insurer said its plan was to fully transition the book to the fund.

The co-CEO said that rate increases at the company averaged about 10% in the quarter and were higher for casualty and professional lines.

The Richmond-based (re)insurer also reported a lower catastrophe figure overall, a better expense ratio, and grew GWP by 20%.

Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

Speakers and panelists pondered the future – specifically InsurTechs, social inflation and low investment yields.

Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.