CATCo Reinsurance Opps Fund Ltd Announcement re Markel CATCo Investment Management (7908G)
July 26 2019 - 2:00AM
UK Regulatory
TIDMCAT
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 Date: 26 July 2019
Bermuda Stock Exchange
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
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END
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