CATCo Reinsurance Opps Fund Ltd Portfolio Update (7993M)
25 January 2016 - 6:00PM
UK Regulatory
TIDMCAT
RNS Number : 7993M
CATCo Reinsurance Opps Fund Ltd
25 January 2016
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Portfolio Update
To: SFM, London Stock Date: 25 January 2016
Exchange and Bermuda
Stock Exchange
Highlights
-- The FY15 net asset value ("NAV") return was 11.58%,
outperforming the Eurekahedge Insurance Linked Securities Advisors
Index of 4.27%
-- Side pockets set up at 31 December 2015 amount to
approximately 5.5% of Ordinary Share NAV with a significant
proportion of this amount related to the late December 2015 UK
flooding event. This event is not expected to result in loss
payments diluting the value of these side-pockets
-- The late December UK flooding and US tornado events also
necessitated the need for a conservative reserving approach at
year-end, which adversely impacted the NAV by 175 bps. However, the
expectation is that a significant proportion of this reserve will
be released during 2016
-- There are no remaining side pockets associated with calendar
years prior to 2014 as Superstorm Sandy has now been fully commuted
during Q4 2015 resulting in approximately a 1% increase to the FY15
NAV
-- The side pockets related to 2014's US convective storms have
reduced to c. 1.5% from the 3.5% established at 31 December
2014
-- Increased demand for Markel CATCo Re Ltd (the "Reinsurer")
products has led to 100% of available capital deployed at 1 January
2016
-- FY16 portfolio provides for an indicative net return of c.
16% on invested capital with a lower risk portfolio versus FY15's
portfolio
-- Average risk of FY16 portfolio down c. 20% on FY15's portfolio
-- Maximum capital exposed to a worst case single event is not more than 10%
-- The FY2015 dividend will be announced on 29 January 2016
For further information:
Judith Wynne,
Company Secretary and General Counsel
Markel CATCo Investment Management Ltd
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Fund Operations and Investor Relations Director
Markel CATCo Investment Management Ltd
Telephone: +1 441 493 9003
Email: mark.way@markelcatco.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0) 20 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
PFUBUGDBDBDBGLX
(END) Dow Jones Newswires
January 25, 2016 02:00 ET (07:00 GMT)
Catco Reinsurance Opport... (LSE:CAT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Catco Reinsurance Opport... (LSE:CAT)
Historical Stock Chart
From Oct 2023 to Oct 2024