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Richmond, Virginia-based insurance holding company Markel Corp. has entered into an agreement to acquire substantially all assets of Hamilton, Bermuda-based CATCo Investment Management Ltd., the companies announced Thursday.
Terms of the transaction were not disclosed.
CATCo is a specialist investment management business that manages approximately $2.7 billion of retrocession and traditional reinsurance portfolios, the companies said in a statement.
Upon completion of the acquisition, which is expected in the fourth quarter of this year, the business will operate as Markel CATCo Investment Management Ltd.
The companies said that the current CATCo management team, led by CEO Tony Belisle, will continue operate the business from its Hamilton headquarters under Markel's ownership.
“The addition of CATCo's insurance linked investment management capabilities alongside Markel's traditional reinsurance capabilities makes for a powerful combination,” said Markel President and Co-Chief Operating Officer Richard R. Whitt in the statement.
“The current challenges in the reinsurance and retrocessional markets are well documented,” he said. “Despite these short-term challenges, we believe that with innovative products and services the long-term future is bright."
The acquisition last week of brokerage Integro Ltd. by private equity firm Odyssey Investment Partners L.L.C. continues the pace of consolidation in the brokerage space and should provide Integro with growth opportunities.