Markel executives out after investigation

Markel Corp. announced Friday that senior executives related to its Bermuda reinsurance unit have left after an internal review uncovered violations of company policies “relating to an undisclosed personal relationship,” the Richmond, Virginia-based insurer said in a statement.

“Anthony Belisle, Markel CATCo chief executive officer, and Alissa Fredricks, Markel CATCo chief executive officer – Bermuda, are no longer with the company,” the statement said.

The review was initiated following an announcement in December that U.S. and Bermuda authorities had made “inquiries” related to Markel CATCo loss reserves recorded in late 2017 and early 2018.

Earlier this week, a putative class action lawsuit was filed against Markel in connection with the stock drop that followed the news of the investigation.

Markel bought the unit, which provides collateralized reinsurance coverage, in 2015. Mr. Belisle joined as head of CATco at the time of the purchase and Ms. Fredricks joined the firm from AIR Worldwide in 2016.

Markel did not return a call seeking comment.