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): January 18, 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.   ☐




Item 8.01
Other Events.

On January 18, 2019, Markel Corporation (“Markel”) issued a press release announcing that effective immediately, Anthony Belisle and Alissa Fredricks, Chief Executive Officer and Chief Executive Officer – Bermuda of Markel CATCo Investment Management Ltd (“Markel CATCo”), respectively, are no longer with Markel CATCo. Markel CATCo is an indirect, wholly-owned subsidiary of Markel.

As previously announced, after being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo and its subsidiaries, Markel engaged outside counsel to conduct an internal review. During the course of the internal review, Markel discovered violations by Mr. Belisle and Ms. Fredricks of Markel policies relating to an undisclosed personal relationship, and prompt action was taken. The internal review relating to loss reserving continues with no conclusions reached at this time.

Effective immediately, management and oversight of Markel CATCo, which includes approximately 25 employees, will be provided by Jed Rhoads, President and Chief Underwriting Officer, Markel Global Reinsurance, and Andrew “Barney” Barnard, Senior Managing Director, Head of International Property Catastrophe and Retro Reinsurance at Markel Global Reinsurance. Markel will commence a search for Markel CATCo’s new Chief Executive Officer.

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
     
 





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.
 
Dated:  January 18, 2019

 
MARKEL CORPORATION
   
   
 
By: 
/s/ Richard R. Grinnan
 
   
Name: 
Richard R. Grinnan
   
Title:
General Counsel and Secretary



Exhibit 99.1



For investor inquiries contact:
Investor Relations
804-747-0136
investorrelations@markelcorp.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, January 18, 2019

Markel Corporation (NYSE: MKL) said today that effective immediately, Anthony Belisle, Markel CATCo Chief Executive Officer and Alissa Fredricks, Markel CATCo Chief Executive Officer – Bermuda are no longer with the company.

As previously announced, after being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries (Markel CATCo), Markel Corporation (Markel) engaged outside counsel to conduct an internal review. During the course of the internal review, Markel discovered violations by Mr. Belisle and Ms. Fredricks of Markel policies relating to an undisclosed personal relationship, and prompt action was taken. The internal review relating to loss reserving continues with no conclusions reached at this time.

Effective immediately, management and oversight of Markel CATCo, which includes approximately 25 employees, will be provided by Jed Rhoads, President and Chief Underwriting Officer, Markel Global Reinsurance, and Andrew “Barney” Barnard, Senior Managing Director, Head of International Property Catastrophe and Retro Reinsurance at Markel Global Reinsurance. Markel will commence a search for Markel CATCo’s new Chief Executive Officer.

Biographies

Jed Rhoads

Jed leads Markel’s treaty and facultative reinsurance business with teams focused on property, casualty, specialty, and public entity risk solutions from offices located in the US, Bermuda, and the UK. He joined Markel in 2013, when Markel acquired Alterra Capital Holdings Limited in Bermuda. Over the course of his career, Jed has held senior positions with Harbor Point Re, Chubb Re Bermuda, Overseas Partners Limited Bermuda, and Stockton Re Limited Bermuda.


Andrew “Barney” Barnard

Barney leads the international property team. His responsibilities include Markel’s catastrophe and retro reinsurance products. He is based in Bermuda. Prior to joining Markel, Barney was Senior Vice President with Alterra Capital Holdings Limited. Barney’s underwriting and business development career has included positions with White Mountains Re, Willis Re, Gerling Global London Market, and Eagle Star Re.



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.markelcorp.com .


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