CATCo Reinsurance Opps Fund Ltd Net Asset Value and Portfolio Update (1318K)
19 September 2016 - 4:01PM
UK Regulatory
TIDMCAT
RNS Number : 1318K
CATCo Reinsurance Opps Fund Ltd
19 September 2016
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Net Asset Value and Portfolio Update
To: SFM, London Stock Date: 19 September 2016
Exchange and Bermuda
Stock Exchange
Markel CATCo Investment Management Ltd., as Investment Manager,
announces the unaudited net asset value of the Company's Ordinary
Shares and C Shares of $1.2718 and $1.0249 respectively, as at the
close of business on 31 August 2016. The NAV is inclusive of an
attritional loss reserve of approximately 0.15% per month
(year-to-date: 120bps).
Following recent discussions with the Company's reinsurance
clients regarding potential losses associated with the ongoing
offshore energy loss event in Ghana's Jubilee oil field, which
began in March 2016, the Investment Manager has recorded a specific
loss reserve for this event of c.3.5% of NAV (included in the
August NAV). This loss reserve covers 100% of the Company's
offshore energy exposures for any of its Industry Loss Warranty
("ILW") contracts up to an industry insured loss of $1.35 billion
and represents more than 40% of the Company's total offshore energy
exposure of c.8% of NAV.
The Jubilee oil field is located approximately 25 miles offshore
and operates what is known as an FPSO (floating production storage
and offloading) system. These FPSO systems are an alternative to a
fixed platform and are typically shaped like a ship and moored in
place. Technical issues with the FPSO system identified in Q1 2016
are expected to result in losses in relation to business
interruption, joint hull and machinery policies.
Markel CATCo Investment Management
Ltd.
Judith Wynne, General Counsel
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way, Chief Operating Officer
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
Numis Securities Limited
David Benda / Hugh Jonathan
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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