Insurer faces High Court claim from former Terra Nova chief
Markel Corporation's former executive vice president of international operations is suing the global insurer for £2.8m.
Nigel Rogers, who was also president and chief executive of Markel's subsidiary Terra Nova Holdings, is claiming the money following the termination of his contract in June 2000.
Rogers first joined Markel when it purchased Terra Nova for $1.1bn (£770m) in August 1999. Terra Nova is a Bermuda-based property and casualty, marine, aviation and auto underwriter.
At the time, Rogers became an executive officer of Markel and joined its board of directors. Terra Nova subsequently became one of Markel International's four subsidiaries.
But on 12 June 2000, Rogers wrote to Markel giving 60 days notice. Two days later the firm announced Rogers was leaving the company "to pursue other interests".
Rogers, who is based in the UK, has now filed a High Court claim for outstanding sums under his contract of employment.
Under his contract dated 3 February 2000, Rogers had an annual base salary of $462,000 (£323,000). The highest bonus in his last three years at Terra Nova was £800,000 in 1998.
Rogers was also entitled to benefits including annual car allowance, pension contributions of $115,500 (£80,868), death in service cover, private health insurance and a mobile phone. These benefits, including the pension, are valued at approximately £113,500.
Following his resignation, Rogers is claiming a payment of three times his base salary, plus three times his highest paid bonus and benefits. He is also requesting additional payments including three times his bonus due in 2000, valued at $153,123 (£107,205) for the 243 days he worked. His total claim is worth approximately £2.8m after a special bonus has been deducted.
Tony Markel, who became president of Markel International when Rogers left the company, declined to comment.