Markel Corp. announced it is winding down Lodgepine Capital Management Ltd., its retrocessional insurance linked securities (ILS) fund manager, based in Bermuda.
Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. In 2021, Lodgepine wrote a portfolio of property retrocessional business that consisted of approximately $230 million of initial limits. The Lodgepine Fund launched on July 1, 2021 with initial investor capital of $98.9 million, including an initial investment by Markel of $18.9 million.
Despite best efforts and in light of headwinds in the retrocessional ILS market, including a challenging fundraising environment, Lodgepine will cease to write any new business and commence the orderly run-off of its existing portfolio and the return of capital to investors, said Markel in a statement.
The company has entered into a consultation period with Lodgepine’s 18 employees and will look for redeployment opportunities for these employees within Markel’s operations.
Source: Markel Corp.
Was this article valuable?
Here are more articles you may enjoy.
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
Business Interruption Claims Arising From the Middle East Conflict 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
