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HAMILTON, Bermuda, Oct. 11, 2019 /PRNewswire/ -- Markel CATCo Investment Management Ltd. (" Markel CATCo") today confirmed that Rick Montgomerie and Charlie Vaughan, the portfolio managers for its Aquilo Fund, will be leaving the company with the intention of establishing a new investment manager and fund—Chard Re Investment Management ("Chard Re"). Elizabeth Simmons, the fund's underwriter, will also be leaving to join Chard Re, which is intended to launch January 1, 2020.
Markel Corporation intends to be a seed investor in Chard Re, subject to the fund reaching a specified level of invested capital and subject to finalizing definitive agreements, and take a 12.5-17% ownership position.
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The intention is for the assets and liabilities of the Aquilo Fund (existing business and side pockets) to be transferred to Chard Re, pending investor and regulatory approval. Chard Re will manage the Aquilo Fund run-off.
Markel CATCo launched Aquilo in 2014 as a fully fronted reinsurance offering distinct from the main retrocessional Insurance Linked Securities (ILS) offering. Earlier this year, Markel CATCo announced it will cease accepting new investments in Markel CATCo Reinsurance Fund Ltd., will not write any new business going forward through Markel CATCo Re Ltd, and it would place its existing portfolio in run-off.
About Markel CATCo
Markel CATCo creates and manages a series of innovative insurance-linked investment funds which provide its investors the opportunity to participate in a selected mix of catastrophe reinsurance risks accessed through its reinsurance company, MCRe. The funds are diversified across a number of risk categories to limit the capital exposed to a single event, and are uncorrelated to traditional asset classes. The structure of the funds provides its reinsurance purchasers significant underwriting capacity and claims paying capabilities. Markel CATCo is headquartered in Hamilton, Bermuda and is authorized and regulated by the Bermuda Monetary Authority.
Disclaimer
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Markel CATCo's beliefs, plans or expectations, are forward-looking statements. These statements are based on Markel CATCo's current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Markel CATCo assumes no obligation to update this release (including any forward-looking statements herein) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
For investor and media inquiries contact:
Mark Way
Markel CATCo Investment Management Ltd.
441-493-9001
SOURCE Markel CATCo Investment Management Ltd.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.