Markel Corporation has previously reported that the U.S. Department of Justice, U.S. Securities and Exchange Commission, and Bermuda Monetary Authority (collectively, the “Governmental Authorities”) are conducting inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd. and its subsidiaries (together, “CATCo”). Markel said that these inquiries are limited to CATCo and do not involve Markel or its other subsidiaries.
In a new statement, Markel said that, as it previously disclosed, it retained outside counsel to conduct an internal review of CATCo's loss reserving in late 2017 and early 2018. The internal review recently was completed. According to Markel:
The internal review conducted by outside counsel found no evidence that CATCo personnel acted in bad faith in exercising business judgment in the setting of reserves and making related disclosures during late 2017 and early 2018. [Markel's] outside counsel has met with the Governmental Authorities and reported the findings from the internal review.
Markel added that the Governmental Authorities' inquiries are ongoing and that Markel continues to fully cooperate with them. Markel said that it could not currently predict the duration, scope, or result of the Governmental Authorities' inquiries.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].