Markel To Buy CATCo Investment Management; Terms Not Disclosed

(RTTNews) - Markel Corp. (MKL) Thursday said it has entered into an agreement to acquire CATCo Investment Management Ltd. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015. Additional terms were not disclosed.

Upon completion of the acquisition, the business will operate as Markel CATCo Investment Management Ltd. The existing CATCo management team, led by Chief Executive Officer Tony Belisle, will transition into commensurate roles at Markel CATCo and will operate the business from its Hamilton, Bermuda, headquarters under Markel's ownership.

Richard Whitt, President and Co-Chief Operating Officer of Markel, said, "The addition of CATCo's insurance linked investment management capabilities alongside Markel's traditional reinsurance capabilities makes for a powerful combination. While Markel has a long and successful track record in the insurance linked securities space, the addition of the CATCo team takes our capabilities to an entirely new level."

In the deal, Willis Capital Markets & Advisory served as exclusive financial advisor and Hogan Lovells International LLP served as legal advisor to CATCo. Sidley Austin LLP served as legal advisor to Markel.