CATCo Reinsurance Opps Fund Ltd Hurricane Sandy Update - updated PCS loss estimate (7242A)
25 March 2013 - 6:01PM
UK Regulatory
TIDMCAT
RNS Number : 7242A
CATCo Reinsurance Opps Fund Ltd
25 March 2013
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Hurricane Sandy Update - updated PCS loss estimate
To: SFM, London Stock Exchange Date: 25 March 2013
and Bermuda Stock Exchange
Further to the Board of Directors Stock Exchange announcement on
23 January 2013 in relation to events of Hurricane Sandy which
began on 23 October 2012, Property Claims Services ("PCS"), an
independent company who investigates reported disasters and
determines the extent and type of damage, dates of occurrence, and
geographic areas affected, primarily within the US, have issued a
second re-survey loss estimate based primarily on a further survey
of affected insurers. The updated loss estimate was $18.75 billion,
which remains unchanged from PCS' first survey loss estimate
released on 21 January 2013. Historically, PCS' second re-survey
loss estimate for hurricanes has most often been equal to or very
near the final published loss estimate.
The existing retrocessional reinsurance loss provision that is
included in the Company's Net Asset Value calculation is based on
an insurance industry loss of $20 billion. The Board of Directors
remain of the opinion that there is no need to amend the existing
retrocessional reinsurance loss provision that is currently in
place.
PCS will conduct a third re-survey in approximately 60 days
following their most recent estimate and will update the loss
estimate at that time with new data gained from affected
insurers.
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
John Whiley / Matthew Charleson
Prime Management Ltd
Tel: +1 (441) 295 0329
This information is provided by RNS
The company news service from the London Stock Exchange
END
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