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MarketScreener Homepage  >  Equities  >  Nyse  >  Markel Corporation    MKL

MARKEL CORPORATION

(MKL)
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Tangency Capital launches $50 million reinsurance hedge fund

05/16/2018 | 08:10am EST

LONDON (Reuters) - Hedge fund firm Tangency Capital launched last week with $50 million (37 million pounds) in assets under management to bet on the reinsurance market ahead of the next hurricane season, one of its three founding members told Reuters on Wednesday.

Last year was the worst on record for insurance losses from natural disasters, including hurricanes Harvey, Irma and Maria. But it also led to further capital-raising by funds in expectation of investor demand because of higher rates in the sector, particularly at renewal dates in June and July.

Tangency Capital, which has offices in London and Bermuda and will invest directly in non-life reinsurance risks, was founded by Dominik Hagedorn, Michael Jedraszak and Kai Morgenstern.

Investors have been attracted to funds that invest in catastrophe bonds and other insurance-linked securities as a way to gain exposure to the reinsurance market, which has higher returns than many asset classes. Catastrophe bonds, for example, pay a high coupon but default if a particular natural catastrophe occurs.

Despite capital-raising, only one insurance-linked hedge fund has launched so far in 2018, out of a market of 82 funds, according to data from industry tracker Preqin.

While funds in the sector have continued to extract cash from investors, they have also suffered losses.

The CATCo Reinsurance Opportunities Fund, managed by Market CATCo Investment Management, last week said it was increasing its loss reserves, highlighting greater losses in the Caribbean from Hurricane Irma. The announcement led to a 20 percent drop in its share price.

(Reporting by Maiya Keidan and Carolyn Cohn; Editing by Simon Jessop and David Goodman)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
MARKEL CORPORATION -2.49% 957.36 Delayed Quote.-4.81%
MEMBERS CO., LTD. -1.28% 2695 End-of-day quote.16.21%
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Financials (USD)
Sales 2020 8 668 M - -
Net income 2020 65,1 M - -
Net Debt 2020 - - -
P/E ratio 2020 93,7x
Yield 2020 -
Capitalization 13 552 M 13 552 M -
Capi. / Sales 2020 1,56x
Capi. / Sales 2021 1,41x
Nbr of Employees 18 600
Free-Float 97,6%
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Technical analysis trends MARKEL CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 1 132,40 $
Last Close Price 983,58 $
Spread / Highest target 27,1%
Spread / Average Target 15,1%
Spread / Lowest Target -7,28%
EPS Revisions
Managers and Directors
NameTitle
Thomas Sinnickson Gayner Co-Chief Executive Officer & Director
Richard Reeves Whitt Co-Chief Executive Officer & Director
Steven Andrew Markel Chairman
Jeremy A. Noble Chief Financial Officer & Senior Vice President
Michael Scyphers Chief Information Officer
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