Tony Belisle has extended his contract as chief executive officer of Markel CatCo Investment Management Ltd by a further two years.

His contract was had been due to end on December 31 next year, it has now been extended to the end of 2020, after which he is set to continue as CEO on a rolling annual basis, according to a company statement.

Mr Belisle founded CatCo Investment Management Ltd in 2010. The majority of the assets of the business were sold to Markel Corporation in December 2015, when Markel CatCo was created.

CatCo took a “pillared” approach to writing collateralised reinsurance protections. As Markel CatCo, the company has grown in size, and now has $4.5 billion of assets under management.

Richie Whitt, co-CEO of Markel Corporation, said: “Markel CatCo has been a great addition to the Markel family of companies. We are committed to the ILS space, growing our presence in Bermuda, helping Markel CatCo expand their product and talent portfolios, and supporting Tony and his team as they continue to deliver for the investors in the CatCo managed funds and for Markel’s shareholders.”

In a statement, Markel Corporation said that under Mr Belisle’s guidance the Bermudian-based company had attracted a number of talented and experienced professionals, enabling Mr Belisle to build “a strong executive management team”.

Markel CatCo employs more than 20 specialist individuals.

Mr Belisle said: “I have strong confidence in the team in place at Markel CatCo, which has clearly demonstrated its ability to be successful in the current market. I am proud of what we have achieved to date and am excited about the further opportunities that lie ahead for the company.”