Several law firms have filed purported class-action litigation on behalf of Markel Corp. shareholders alleging that the insurer made false statements and failed to disclose crucial information about its reserving practices.
Authorities in the U.S. and Bermuda were investigating insurance-linked securities manager CATCo Investment Management Ltd. and its subsidiaries; Markel has said it was cooperating with the inquiries.
The regulators were looking into loss reserves recorded in late 2017 and early 2018 at the companies. After news about the investigation broke in early December 2018, Markel's stock took a tumble, thereby injuring investors, the lawsuits claim.
Markel did not respond to a request for comment on the litigation.