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Markel's internal probe finds no evidence of bad faith when booking



An internal audit by outside advisors from the Markel Corps troubled insurance bonded securities unit's loss reserve found no evidence that unit staff acted in bad faith in performing business convictions in the determination of reserves and providing related information at the end of 2017 and early 2018. [19659002] In December, the Richmond, Virginia-based insurer and reinsurer showed that its Bermuda-based Markel CATCo Investment Management Ltd. unit, which provides secured retrocessionary reinsurance, was investigated by US and Bermuda authorities over the loss reserves.

Markel retained outside advisors to conduct the internal audit, which has recently been conducted, and found no personal evidence of bad faith, according to a statement issued on Sunday.

"Markel's external council has met the government authorities and reported the results of the internal review," Markel said in the statement. "The government agencies' investigations are ongoing and Markel continues to cooperate fully with them."

In January, a supposed classic began Action against Markel in connection with a share price decline following the announcement

In February, two former Markel CATCo executives who were fired to have an "undissolved personal relationship" were sued by the insurer and claimed that they were denied more than $ 70 million in incentive payments as a result of the redundancies and were troubled in the process.

                    


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