Two former chief executives of Markel CATCo Investment Management Ltd are suing the insurance-linked securities fund manager and its parent firm for wrongful termination.
In January Insurance Business reported the abrupt exit of Markel CATCo CEO Anthony Belisle and Bermuda chief executive Alissa Fredricks following what Markel Corporation described as company violations relating to an undisclosed personal relationship between the two.
Now Belisle and Fredricks have hit back, claiming in lawsuits filed separately at the US District Courts for New Hampshire and Massachusetts, respectively, that Markel’s policies were recently revised – without notification – essentially to justify their sacking.
In addition, the federal documents cited invasion of privacy involving personal communications over the plaintiffs’ mobile devices, as well as emotional distress and reputational damage.
Meanwhile Markel, which asserts the complaints are meritless, allegedly owes Berlisle US$66 million in bonuses; Fredricks, more than US$7 million.
