Markel winds down Lodgepine ILS fund manager; fund had $230M in limits, $98.9M capital

MARKEL GROUP INC.

Lodgepine launched in 2019; wrote $230M of property retrocessional limits in 2021.
ILS fund launched July 1, 2021 with $98.9M investor capital, including $18.9M from Markel.
Citing challenging fundraising and retrocessional ILS market headwinds; ceasing new business.
Orderly runoff of existing portfolio and return of capital to investors underway.
Consultation with 18 employees; redeployment opportunities within Markel.

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