Fraud Lawsuit Against Former Markel CEO Stayed Pending Bermuda Insolvency Proceedings

TAMPA, Fla. — A Florida federal judge has stayed a lawsuit in which an investor has accused Markel CATCo Investment Management Limited’s former CEO of causing it to lose $20 million by fraudulently inducing it to invest in a fund tied to reinsurance business operated by Markel’s affiliate.

In a Jan. 4 order, Judge Sheri P. Chappell of the U.S. District Court for the Middle District of Florida held a stay is warranted pending the Supreme Court of Bermuda’s ruling on proposed schemes of arrangement for Markel. The judge agreed with the parties that the Bermuda court’s decision may affect …