CATCo Reinsurance Opps Fund Ltd Net Asset Value and Portfolio Update (4058E)
October 18 2018 - 2:01AM
UK Regulatory
TIDMCAT
RNS Number : 4058E
CATCo Reinsurance Opps Fund Ltd
18 October 2018
FOR IMMEDIATE RELEASE
18 October 2018
To: SFS, London Stock Exchange and Bermuda Stock Exchange
NET ASSET VALUE ("NAV")
Markel CATCo Investment Management Ltd., as Investment Manager,
announces the unaudited net asset value of the Company's Ordinary
Shares and C Shares of $0.7174 and $1.1287 respectively, as at the
close of business on 30 September 2018.
The Company's Ordinary Shareholders and C Shareholders are
exposed to potential losses arising from Hurricane Michael which
made landfall in the state of Florida on 10 October 2018. Due to
the very recent nature of this event much uncertainty remains at
this time with respect to the overall private insurance industry
loss impact. Initial industry loss estimates published by
catastrophe model vendors suggest a possible range of USD 2 billion
to USD 10 billion. Based on this early information, the Manager
expects a single digit impact to the NAV for industry insured
losses below USD 10 billion. The impact of Hurricane Michael will
be assessed further prior to setting the 31 October 2018 NAV.
In addition, the Company's Ordinary Shareholders and C
Shareholders are exposed to potential losses arising from Typhoon
Jebi which made landfall in Japan on 4 September 2018. Recent
insurance market information suggests industry losses are
increasing for this event. Based on early information, the Manager
expects a low single digit impact to the NAV is possible. The
Manager is currently monitoring this event and will determine if a
specific loss reserve is required prior to setting the 31 October
2018 NAV.
Other than potential losses arising from Hurricane Michael and
Typhoon Jebi, the attritional loss reserve is expected to be
sufficient to cover all 2018 loss event occurrences to date (15 bps
per month; year-to-date: 135 bps).
For further information:
Markel CATCo Investment Management Ltd. Numis Securities Limited
David Benda / Hugh Jonathan
Judith Wynne Telephone: +44 (0) 20 7260
General Counsel 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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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
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