REG - CATCo Re-ins Opps Fd - Portfolio Update - additional Side Pocket releases

CATCo Reinsurance Opportunities FundAnnouncement

21/09/2020 07:00

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RNS Number : 5013Z  CATCo Reinsurance Opps Fund Ltd  21 September 2020

FOR IMMEDIATE RELEASE

 

21 September 2020

CATCo Reinsurance Opportunities Fund Ltd. (the "Company")

Side Pocket Release Update

 

 

To: SFS, London Stock Exchange and Bermuda Stock Exchange

The Company is pleased to announce that it has been advised of a further
release of Side Pocket Investment ("SPI") capital amounting to approximately
$68.9 million.  This is expected to be paid to the Company during September
2020, following which the Company intends to use it to carry out a fifth
compulsory redemption of its shares, in addition to the $25.6 million of SPI
capital announced on 27 August 2020. In total, therefore, the Company expects
to distribute $94.6 million by way of this compulsory redemption.

 

The updated breakdown of the payments to the Ordinary Shareholders and C
Shareholders is approximately $15.9 million and approximately $78.6 million
respectively.

 

Subsequent to Shareholder approval being given on 26 March 2019 to put the
Company's portfolios into run-off, and including this fifth compulsory
redemption, the Company will have returned a total of approximately $263.3
million to Shareholders by way of compulsory redemptions, dividend, a tender
offer and share buybacks, of which approximately $57.6 million will have been
paid to the Ordinary Shareholders and approximately $205.7 million to the C
Shareholders

 

The Company will issue further details of the expected timetable for this
fifth compulsory redemption on or around 30 September 2020.

 

This announcement contains Inside Information as defined under the Market
Abuse Regulation (EU) No. 596/2014.

 

 For further information:
 Markel CATCo Investment Management Ltd.  Numis Securities Limited

 Judith Wynne                             David Benda / Hugh Jonathan

 General Counsel                          Telephone: +44 (0) 20 7260 1000

 Telephone: +1 441 493 9005

 Email: judith.wynne@markelcatco.com

 Mark Way

 Chief of Investor Marketing

 Telephone: +1 441 493 9001

 Email: mark.way@markelcatco.com

 

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