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Richmond-based Markel Corp. to acquire CATCo Investment Management

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Richmond-based Markel Corp. plans to acquire CATCo Investment Management Ltd.

Financial details of the deal, which is expected to close in the fourth quarter, were not disclosed.

Based in Hamilton, Bermuda, CATCo manages approximately $2.7 billion of retrocession and traditional reinsurance portfolios for clients around the world, including financial institutions, charities, pension funds, family offices and investment funds.

Retrocession is the practice of one reinsurance company essentially insuring another reinsurance company by accepting business that the other company had agreed to underwrite.

Markel is a financial holding company serving a variety of niche markets. Its principal business involves specialty insurance products.

When the transaction is completed, CATCo will operate as Markel CATCo Investment Management Ltd. in Bermuda.

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