UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 14, 2019
_______________________________________________
Markel Corporation
(Exact name of registrant as specified in its charter)
_______________________________________________
|
|
|
|
|
|
|
Virginia
|
001-15811
|
54-1959284
|
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
|
|
|
|
4521 Highwoods Parkway
Glen Allen, Virginia
|
|
23060-6148
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including area code: (804) 747-0136
Not Applicable
(Former name or former address, if changed since last report)
_________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
|
|
|
|
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
On April 14, 2019, Markel Corporation (“Markel”) issued a press release announcing that as previously reported the U.S. Department of Justice, U.S. Securities and Exchange Commission and Bermuda Monetary Authority (together, 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”). These inquiries are limited to CATCo and do not involve Markel or its other subsidiaries.
As Markel 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 has recently been completed. 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.
The Governmental Authorities’ inquiries are ongoing and Markel continues to fully cooperate with them. Markel cannot currently predict the duration, scope or result of the Governmental Authorities’ inquiries.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
|
|
|
|
|
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d) Exhibits
|
|
|
|
|
|
|
Exhibit
No.
|
|
Description
|
|
|
|
|
99.1
|
|
|
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
|
MARKEL CORPORATION
|
|
|
|
|
|
|
April 15, 2019
|
By:
|
|
/s/ Richard R. Grinnan
|
|
|
Name:
|
|
Richard R. Grinnan
|
|
|
Title:
|
|
General Counsel and Secretary
|
For investor inquiries contact:
Investor Relations
804-747-0136
investorrelations@markel.com
For media inquiries contact:
Gladstone Place Partners
Lauren Odell / Patricia Figueroa
212-230-5930
PRESS RELEASE
MARKEL ISSUES STATEMENT ON MARKEL CATCO
Richmond, VA, April 14, 2019
Markel Corporation (NYSE: MKL) (the “Company”) previously reported that the U.S. Department of Justice, U.S. Securities and Exchange Commission and Bermuda Monetary Authority (together, 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”). These inquiries are limited to CATCo and do not involve the Company or its other subsidiaries.
As the Company 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 has recently been completed. 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. The Company’s outside counsel has met with the Governmental Authorities and reported the findings from the internal review.
The Governmental Authorities’ inquiries are ongoing and the Company continues to fully cooperate with them. The Company cannot currently predict the duration, scope or result of the Governmental Authorities’ inquiries.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markel.com.
About Markel CATCo
Markel CATCo creates and manages a series of innovative insurance-linked investment funds which provide its investors the opportunity to participate in a selected mix of catastrophe reinsurance risks accessed through its reinsurance company, Markel CATCo Re Ltd. The funds are diversified across a number of risk categories to limit the capital exposed to a single event, and are uncorrelated to traditional asset classes. The structure of the funds provides its reinsurance purchasers significant underwriting capacity and claims paying capabilities. Markel CATCo is headquartered in Hamilton, Bermuda and is authorized and regulated by the Bermuda Monetary Authority.
###
