Markel CatCo has appointed Mark Way as its chief operating officer.

Mr Way, who is based in Bermuda, has worked for CatCo Investment Management Ltd since its launch in 2011. The firm was acquired by Markel Corporation in December 2015.

CatCo manages third-party reinsurance capital and manages collateralised reinsurance products and insurance-related investments.

Mr Way will have responsibility for the Markel CatCo day-to-day operations and will report to Tony Belisle, chief executive officer.

He has more than 20 years of international financial markets experience and worked for the Madano partnership in London where he was a managing partner.

Before that Mark worked for the investment property company Lend Lease in Sydney, Australia.

Markel CatCo also announced that Ly Lam will continue working for the company as a consultant after completing her role in managing the sale of CatCo to Markel.

Mr Belisle said: “Having worked with CatCo since it was first formed, Mark has both a detailed understanding of how the company operates and a keen appreciation that our clients must receive the highest levels of service at all times. He is the ideal person to maintain the high standards we set for ourselves.

“Mark has continued to assume more responsibility with respect to a number of facets of our business over the years including managing relationships with our clients and shareholders.

“Mark will be instrumental in ensuring a seamless transition both with respect to our new ownership and in his new role as Chief Operating Officer.”