Markel Corporation has appointed Jed Rhoads and Andrew Barnard to take over management and oversight of Markel CatCo, as CEO Anthony Belisle and Bermuda CEO Alissa Fredricks have left the company.
During an internal review into its loss reserves in 2017, Markel discovered evidence of an "undisclosed personal relationship" in the course of the investigation. Belisle and Fredricks has violated Markel policies which lead to prompt action being taken.
Rhoads currently serves as president and chief underwriting of Markel Global Reinsurance and Barnard as senior managing director, head of international property catastrophe and retro reinsurance. Rhoads joined Markel when it acquired Alterra Capital Holdings in Bermuda. He has a number of senior positions with Harbor Point Re, Chubb Re Bermuda, Overseas Partners Bermuda, and Stockton Re Bermuda.
Barnard is based in Bermuda and leads the international proprety team. His responsibilities include Markel's catastrophe and retro reinsurance product. Prior to Markel he was senior vice president with Alterra Capital Holdings.
Markel has now commenced a search for a permanent CEO to oversee Markel CATCo.
The internal review relating to loss reserving continues, with no conclusions reached at this time.
In November 2018, Markel CATCo raised reserves for Hurricane Michael and Typhoon Jebi and warned over a loss creep from the 2017 hurricane season. Markel CATCo implemented a specific loss reserve to cover the 2018 events Hurricane Michael and Typhoon Jebi and also warned over potential California wildfire losses and a loss creep from 2017 nat cat events.
The company also faces a class action lawsuit from investors that purchased Markel Corporation securities between July 26, 2017 and December 6, 2018, alleging that Markel failed to properly account for its insurance reserves in late 2017 and early 2018 and failed to have in place proper controls to prevent the misstatements.
Markel CATCo, Resignation, ILS, Bermuda