“Marquel Corporation’s affiliates will provide up to approximately US $ 150 million in funding to facilitate buyout transactions in the fund’s retroactive separation accounts,” said the insurance group.
“In addition, Markel Corporation’s affiliates have tailed a private fund, known as the Aquilo Fund Separation Account, to allow investors to return trapped collateral of approximately US $ 100 million to individually structured reinsurance offering investors. We provide risk coverage. “
According to Markel, investors are entitled to an upside in addition to the unpaid NAV at the end of the applicable run-off period if their current reserves exceed the amount required to pay the final claim. Hold.
It was also noted that Markel’s affiliates funding the transaction expect to receive a refund of all funds by the end of the outflow period. To qualify for a fee equal to 1% of the investor’s proportional right to the current NAV at the time of closing, the investor must provide support for buyout transactions by October 22nd.
Meanwhile, Markel said: It is offered to prevent the possibility of unfair treatment by some investors at the expense of all other investors. “
Simon Appell of AlixPartners UKLLP and John McKenna of Finance & Risk Services Ltd are used as joint interim liquidators (JPLs) with limited authority for restructuring purposes.
“The appointment of JPL will allow us to carry out buyout transactions and approve schemes, ensuring fair, impartial and prompt distribution of assets to all investors in the fund,” Markel added. The fund’s directors unanimously decided that the buyout transaction would be in the fund’s best interests.