Markel Corp. launched a retrocessional insurance-linked securities fund manager in Bermuda, Lodgepine Capital Management Ltd., together with reinsurer Lodgepine Re.
Initially, Lodgepine's product offering will be the Lodgepine Fund, a property catastrophe retrocessional investment fund ahead of the 2020 renewal period.
Andrew Barnard will serve as CEO and James Welsby will be chief investment officer. John Duda will lead the retrocessional portfolio management team.
Markel said the Lodgepine Fund will provide investors with access to property catastrophe retrocession exposure via a single entry point and platform, offering cedants property retrocession products with the ability to have coverage provided either on a collateralized basis, written by Lodgepine Re, or on a rated paper basis written by Markel Bermuda Ltd., or a combination of both.
The Bermuda Monetary Authority has given its approval in principle for the licensing of Lodgepine Re. Once all requisite approvals of the other Lodgepine entities have been obtained, Markel said it will work to have all entities organized and capitalized in the coming weeks.
