REG - CATCo Re-ins Opps Fd - Net Asset Value(s) and Portfolio Update

CATCo Reinsurance Opportunities FundAnnouncement

16/09/2019 07:05

RNS Number : 3547M
CATCo Reinsurance Opps Fund Ltd
16 September 2019
 


FOR IMMEDIATE RELEASE
 
 
16 September 2019
 
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Net Asset Value ("NAV") and Portfolio Update
 
 
To: SFS, London Stock Exchange and Bermuda Stock Exchange



Markel CATCo Investment Management Ltd., as the Company's Investment Manager, announces the unaudited net asset value of the Company's Ordinary Shares and C Shares of $0.2806 and $0.5283 respectively, as at the close of business on 31 August 2019.
 
The NAV is inclusive of an attritional loss reserve of approximately 15bps per month (year-to-date: 120bps).
 
The Company's Ordinary Shareholders and C Shareholders are exposed to potential losses arising from Hurricane Dorian which made landfall in the Bahamas on 1 September 2019 as a category 5 storm. The hurricane went on to make landfall in North Carolina, USA, on 6 September 2019 as a category 1 storm, before making landfall again in Novia Scotia on 7 September 2019 as a post-tropical cyclone.
 
Further, Typhoon Faxai made landfall east of Tokyo on 9 September 2019 as a category 2 storm and Shareholders of both classes may also have exposure to potential losses from this event.
 
Significant uncertainty remains with respect to the overall private insurance industry loss impact for these events and the Investment Manager will assess the combined effect and the need to include specific additional loss reserves for Hurricane Dorian and Typhoon Faxai in forthcoming NAV calculations once sufficient information is available.
 
 



For further information:








Markel CATCo Investment Management Ltd.
 
Judith Wynne
General Counsel
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
 
Mark Way
Chief Operating Officer
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com


Numis Securities Limited
 
David Benda / Hugh Jonathan
Telephone: +44 (0) 20 7260 1000



 




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