Anthony Belisle, chief executive officer of Markel CatCo Investment Managements Ltd, and Alissa Fredricks, the company’s CEO - Bermuda, and are no longer with the company.

In a statement, the company said: “As previously announced by Markel Corporation, the company’s parent corporation (Markel), after being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at the company and its subsidiaries, engaged outside counsel to conduct an internal review.

“During the course of the internal review, Markel discovered violations by Mr Belisle and Ms Fredricks of Markel policies relating to an undisclosed personal relationship, and prompt action was taken. The internal review relating to loss reserving continues with no conclusions reached at this time.”

The company, which employs about 25 people, said that effective immediately the management and oversight of Markel CatCo Investment Management will be provided by Jed Rhoads and Andrew Barnard.

Mr Rhoads is president and chief underwriting officer, Markel Global Reinsurance, while Mr Barnard is senior managing director, head of international property catastrophe and retro reinsurance at Markel Global Reinsurance.

Markel has commenced a search for a new CEO of Bermudian-based Markel CatCo Investment Management. Markel acquired CatCo three years ago.