Belisle/Fredricks leave Markel CATCo after “undisclosed personal relationship” uncovered

Markel CATCo, which has been conducting an internal review into its  loss reserves in 2017, has parted company with two of its senior executives with immediate effect after it appears it discovered evidence of an “undisclosed personal relationship” in the course of the investigation.

Anthony Belisle, chief executive officer of Markel CATCo Investment Management, and Alissa Fredricks, chief executive officer – Bermuda, have both left the company with immediate effect.

Fredricks only assumed her existing position in December 2017 and reported directly to Belisle. Before that, she was chief risk officer with oversight of the business’s overall portfolio and underwriting activity, a role she still continued with in addition to her role on Bermuda.

In June 2017, Belisle extended his contract with the business, which had been due to expire at the end of 2018, until the end of 2020 at least. He had founded CATCo Investment Management back in 2010.

After being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at the company and its subsidiaries, Markel had engaged outside counsel to conduct an internal review.

The company said that during the course of the review, it discovered violations by Belisle and Fredricks of Markel policies relating to an undisclosed personal relationship. “Prompt action was taken,” it said.

Despite this action, the internal review relating to loss reserving continues with no conclusions reached at this time.

Following the departure of Belisle and Fredricks, oversight of the business has been assumed 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 said it will commence a search for the company's new chief executive.

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