REG - CATCo Re-ins Opps Fd - Announcement re Markel CATCo Investment Management

CATCo Reinsurance Opportunities FundAnnouncement

26/07/2019 07:05

RNS Number : 7908G
CATCo Reinsurance Opps Fund Ltd
26 July 2019
 


 
 
 
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
                                                                             
Announcement regarding Markel CATCo Investment Management Ltd.
 




To:  London Stock Exchange and Bermuda Stock Exchange


Date: 26 July 2019




 
The Board notes the press release issued by Markel CATCo Investment Management Ltd., the Company's Investment Manager, ("Markel CATCo") (link) on 25 July 2019, in which it was announced that Markel CATCo will cease accepting new investments in Markel CATCo Reinsurance Fund Ltd. ("MCRF") and will not write any new business going forward through Markel CATCo Re Ltd. ("MCRe"). Markel CATCo will commence the orderly run-off of MCRe's existing portfolio, which is expected to take approximately three years. As part of this run-off, MCRF will return capital to investors, including the Company, as such capital become available, which will continue to be subject to side pockets.
 
The Company has announced today its proposals for returning such capital to its own Shareholders.
 
The Board also notes the press release issued by Markel Corporation (NYSE:MKL) ("Markel") (link), Markel CATCo's parent corporation, on 25 July 2019, in which it was announced that Markel will launch a new retrocessional Insurance Linked Securities (ILS) fund platform ahead of the 2020 renewal period.
 
The Board considers that Markel CATCo's arrangements for providing continuing support during the run-off the Company's portfolios are appropriate for the effective operation of the Company and that the Company is, accordingly, best served by retaining the services of the Investment Manager during the run-off period.
 
For further information:
 
Judith Wynne
General Counsel
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
 
Mark Way
Chief of Investor Marketing
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
 
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0) 20 7260 1000




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCRAMBTMBMTTLL