Portfolio Update (0606F)
18 April 2011 - 4:00PM
UK Regulatory
TIDMCAT
RNS Number : 0606F
CATCo Reinsurance Opps Fund Ltd
18 April 2011
CATCo Reinsurance Opportunities Fund Ltd. (the "Company or
Feeder Fund")
Reinsurance Portfolio Update
To: SFM, London Stock Exchange Date: 18 April 2011
On 31 March 2011, the Company, which is organised as a Feeder
Fund to invest substantially all of its assets in the CATCo
Reinsurance Fund Ltd's segregated account, CATCo Diversified Fund
(the "Master Fund") issued additional New Ordinary Shares in order
to satisfy demand that could not be met through the secondary
market. 7,250,000 New Ordinary Shares of US$ 0.0001 each were
issued. Similarly, the Master Fund received significant direct
investment in its participating shares on 1 April 2011.
CATCo Investment Management Ltd., the appointed investment
manager, in conjunction with CATCo-Re Ltd. ("CATCo"), a licensed
Class 3 Reinsurance Company through which the Master Fund gains
access to all of their reinsurance risk exposures, have agreed
terms on new reinsurance transactions that have utilized the
capital received from the issuance of New Ordinary Shares as well
as from direct investment in the Master Fund. The average return
for these reinsurance transactions were in excess of 40% above the
prevailing returns written for the 1 January 2011 portfolio of
investments.
The Master Fund's reinsurance portfolio contains a broad mix of
risk pillars at 15 April 2011. The Master Fund's diversified
portfolio ensures that exposure to a single loss event, no matter
the magnitude of the event, results in no erosion of capital.
Max Single Loss Event Exposures Return on Capital
No Losses 24%
Hurricane Andrew 24%
Hurricane Wilma 24%
T hoku Quake 22%
Max Japan Wind 20%
Max Rest of World 20%
Hurricane Ike 17%
Marine - Exxon Valdez 17%
Northridge Quake 16%
Max Canada/Caribbean Quake 7%
Max Europe Quake 7%
Max Europe Wind 3%
Max Caribbean Wind 3%
Hurricane Katrina 2%
For further information, please contact:
Jason Bibb
CATCo Investment Management Ltd
Telephone: +1 441 531 2227
Email: jason.bibb@catcoim.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0)20 7260 1000
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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