Markel Announces Wind Down Of Lodgepine

November 17, 2021 | 0 Comments

Markel Corporation announced that it is winding down Lodgepine Capital Management Limited [Lodgepine], its retrocessional Insurance Linked Securities [ILS] fund manager based in Bermuda.

A spokesperson said, “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 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.

“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.”

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