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No. of Recommendations: 4
Reading through the 10-Q for the 2Q, I noticed something new in the Notes to Financial Statements. VIEs, or Variable Interest Entities, are required to be disclosed in the financial statements. Markel discloses a VIE called Markel CATCo Investment Management (MCIM) which is "is an insurance-linked securities investment fund manager and insurance manager headquartered in Bermuda."

The note continues with a description of the VIE, but I come away not understanding exactly what it is that this company is doing, how it impacts the company, and whether it it something I should be concerned about or not.

Anyone able to talk to this point further?

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