Markel Corporation has announced that reinsurance executives Jed Rhoads and Andrew Barnard are to take over management of Markel CATCo following an internal review that resulted in the departure of the unit’s former heads, Anthony Belisle and Alissa Fredricks.
Belisle, who was CATCo’s Chief Executive Officer (CEO), and Fredricks, who was CEO – Bermuda, left the company after a review discovered “violations by Mr. Belisle and Ms. Fredricks of Markel policies relating to an undisclosed personal relationship,” Markel stated.
Markel engaged outside counsel to conduct an internal review after being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at its collateralized retrocessional reinsurance investment manager Markel CATCO.
The re/insurer explained that the internal review relating to loss reserving continues with no conclusions reached at this time, although investors recently launched a lawsuit over the matter.
Markel will now commence a search for permanent replacements to Belisle and Fredricks, with oversight for CATCo’s 25 employees provided by Rhoads and Barnard in the meantime.
Rhoads currently serves as President and Chief Underwriting Officer at Markel Global Reinsurance, while Barnard is Senior Managing Director, Head of International Property Catastrophe and Retro Reinsurance at Markel Global Reinsurance.
Rhoads joined Markel in 2013 during the acquisition of Alterra Capital Holdings Limited in Bermuda, and currently leads the company’s treaty and facultative reinsurance business with teams focused on property, casualty, specialty, and public entity risk solutions from offices located in the U.S, Bermuda, and the UK.
Prior to Markel, he held senior positions with Harbor Point Re, Chubb Re Bermuda, Overseas Partners Limited Bermuda, and Stockton Re Limited Bermuda.
Meanwhile, Barnard leads Markel’s international property team from his base in Bermuda, with responsibly for the company’s catastrophe and retro reinsurance products.
He was previously Senior Vice President at Alterra Capital Holdings Limited, and has also held underwriting and business development positions at White Mountains Re, Willis Re, Gerling Global London Market, and Eagle Star Re.
