Markel CATCo probes by BMA, DOJ, SEC ended – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Markel CATCo inquiries by regulators have ended

Investigations into Markel CATCo Investment Management Ltd and its reported loss reserves for late 2017 and early 2018 are over.

The Markel Corporation filed an update on Thursday with the US Securities and Exchange Commission (SEC) regarding Bermuda government and US inquiries into loss reserves recorded in late 2017 and early 2018 by Markel CATCo Investment Management Ltd, the company's investment manager, and its subsidiaries.

It was as a result of government inquiries that Markel engaged outside counsel to conduct an internal review, completed in April 2019.

It found no evidence that Markel CATCo personnel acted in bad faith in exercising business judgment in the setting of reserves and making related disclosures during late 2017 and early 2018.

Markel’s outside counsel then met the authorities to report the findings.

Last Monday, the SEC notified Markel that it had concluded its investigation and that it did not intend to recommend an enforcement action against Markel CATCo.

On Tuesday the US Department of Justice (DOJ) also informed Markel that its investigation was over and no action will be taken.

A filing with the Bermuda Stock Exchange said that throughout the inquiries, Markel proactively kept the Bermuda Monetary Authority (BMA) informed of the status of the SEC and DOJ investigations, including the recent conclusion of those investigations.

There are currently no pending requests from the BMA and it has been more than a year since it has contacted Markel in relation to the governmental inquiries.

Markel CATCo's subsidiaries include Markel CATCo Reinsurance Fund Ltd, the master fund through which the company invests, and Markel CATCo Re Ltd, the reinsurer through which the master fund invests.

The US Securities and Exchange Commission has concluded its inquiry into Markel CATCo and has recommend no enforcement action

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Published October 04, 2021 at 7:51 am (Updated October 04, 2021 at 7:51 am)

Markel CATCo inquiries by regulators have ended

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