Markel finalises CATCo acquisition
Financial holding company Markel has completed its acquisition of Bermuda-based firm CATCo Investment Management.
The business will now operate as Markel CATCo Investment Management. The company provides collateralised protections to more than 35 global reinsurance buyers.
All members of the CATCo team, which is led by Tony Belisle, chief executive officer, have transferred to Markel CATCo.
“We welcome Tony and the CATCo team into the Markel family,” said Richard Whitt, president and co-chief operating officer of Markel.
“The reception by existing CATCo reinsurance buyers and investors to the newly established Markel platform has been overwhelmingly positive. We truly will be hitting the ground running.”
“Joining CATCo's insurance linked investment management capabilities alongside Markel's traditional reinsurance capabilities should make for a powerful combination.”
Belisle added: “I am delighted with the successful closure of the transaction and the bringing together of two fantastic organisations that share similar goals and cultures. “The extra support our new owner brings will enable us to offer enhanced product ranges and secure capital efficiencies for our growing number of reinsurance buyers.”
With a significant amount of next year’s renewals already committed and projected AUM expected to exceed $3 billion (£2 billion), 2016 is shaping up to be a positive and exciting year.”
Willis Capital Markets & Advisory acted as exclusive financial advisor and Hogan Lovells International served as legal advisor to CATCo. Sidley Austin served as legal advisor to Markel.