REG - CATCo Re-ins Opps Fd - Partial waiver of management fee re side pockets

CATCo Reinsurance Opportunities FundAnnouncement

11/03/2019 15:30

RNS Number : 4940S
CATCo Reinsurance Opps Fund Ltd
11 March 2019
 


 11 March 2019
CATCo Reinsurance Opportunities Fund Ltd.
 
(the "Company")
 
Partial Waiver of Management Fee in respect of Side Pocket Investments
 
The Board of the Company is pleased to announce its decision to consent to a waiver of 33.3334% (one-third) of the management fee it indirectly pays to Markel CATCo Investment Management Ltd. ("MCIM") in respect of side pocket investments.  The reduction resulting from the waiver will have effect from 1 January 2019 until 31 December 2019, but is subject to extension by MCIM and the Markel CATCo Diversified Fund ("Master Fund").
The management fee is payable to MCIM, in its capacity as investment manager of the Master Fund, through which the Company holds its investments.  The Company is exposed to side pocket investments by way of its holding of certain classes of share in the Master Fund ("Side Pocket Shares").
James Keyes, Chairman of the Company, commented: "The fee reduction is welcome news for the Company, given the significant proportion of the Company's NAV represented by side pocket investments".
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 569/2014.
Enquiries:




Markel CATCo Investment Management Ltd.
 
Judith Wynne, General Counsel
Mobile: +44 (0) 7986 205364
Telephone: +1 (441) 493 9005
Email: judith.wynne@markelcatco.com
 
Mark Way, Chief of Investor Marketing
Mobile: +1 (441) 504 9178
Telephone: +1 (441) 493 9001
Email: mark.way@markelcatco.com




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




 
 




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