Markel investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Markel is a holding company that markets and underwrites specialty insurance products and programs. Markel CATCo Investment Management Ltd. (“MCIM”), Markel’s wholly-owned subsidiary, is an insurance-linked securities investment fund manager and reinsurance manager that manages diversified, collateralized retrocession and reinsurance portfolios covering global property catastrophe risks. Markel is the sole investor in one of the funds managed by MCIM, the Markel Diversified Fund, and consolidates that fund as its primary beneficiary.
The Class Period commences on July 26, 2017, when Markel filed its quarterly report on a Form 10-Q for the period ended June 30, 2017. The 10-Q reported revenue from MCIM of $9.3 million. For the Markel Diversified Fund, the 10-Q reported total assets of $186.0 million and total liabilities of $63.8 million.
According to the complaint, on December 6, 2018, Markel disclosed that it had been contacted by the U.S. and Bermuda authorities on November 30, 2018 regarding “loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries.”
Following this news, Markel’s share price fell $99.70 per share, more than 8%, to close at $1,048.23 per share on December 7, 2018.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Markel’s subsidiaries did not appropriately record loss reserves; (2) as a result, the loss reserves would need to be adjusted and/or restated; (3) these misleading accounting practices would lead to regulatory scrutiny and financial loss to investors; and (4) as a result of the foregoing, the defendants’ positive statements about Markel’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you are a member of the class described above, you may no later than March 12, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
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