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An internal review conducted by outside counsel of Markel Corp.’s troubled insurance-linked securities unit’s loss reserving found no evidence that unit personnel acted in bad faith in exercising business judgment in the setting of reserves and making related disclosures during late 2017 and early 2018.
The Richmond, Virginia-based insurer and reinsurer disclosed in December that its Bermuda-based Markel CATCo Investment Management Ltd. unit, which provides collateralized retrocessional reinsurance coverage, was being investigated by U.S. and Bermudian authorities over its loss reserves.
Markel retained outside counsel to conduct the internal review, which has recently been completed and found no evidence of bad faith by the personnel, according to a statement issued Sunday.
“Markel’s outside counsel has met with the Governmental Authorities and reported the findings from the internal review,” Markel said in the statement. “The Governmental Authorities’ inquiries are ongoing and Markel continues to fully cooperate with them.”
In January, a putative class action was filed against Markel related to a stock price drop following the disclosure.
In February, two former Markel CATCo executives who were fired for having an “undisclosed personal relationship” sued the insurer, alleging they were denied more than $70 million in incentive payments as a result of the terminations and defamed in the process.
Markel Corp. announced late Thursday that it is “fully cooperating” with inquiries by authorities in the United States and Bermuda concerning loss reserves at its Bermuda-based retrocessional reinsurance unit Markel CATCo Investment Management Ltd.