CATCo Reinsurance Opps Fund Ltd Issue of Equity and Portfolio Update (3355S)
02 October 2017 - 5:00PM
UK Regulatory
TIDMCAT
RNS Number : 3355S
CATCo Reinsurance Opps Fund Ltd
02 October 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR
TO U.S. PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY
SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS
IN ANY JURISDICTION.
2 October 2017
CATCo Reinsurance Opportunities Fund Ltd.
(the "Company")
Potential equity issue and Portfolio Update
The Company today announces that the Board and Markel CATCo
Investment Management Ltd. ("Markel CATCo"), the Company's
investment manager, are proposing to raise further funds via the
Markel CATCo Diversified Fund (a segregated account of Markel CATCo
Reinsurance Fund Ltd), in which the Company invests substantially
all of its assets (the "Master Fund").
Recent hurricane events affecting parts of the U.S.A. and the
Caribbean have resulted in increased pricing within the
retrocessional reinsurance market and in addition a requirement by
the Company for new capital.
The Board and Markel CATCo believe that it is appropriate to
offer this opportunity to investors in the Company, in response to
demand from both current shareholders and new investors. To
facilitate this fundraise, it is intended that a prospectus will be
published in early November with a view to closing the fundraise by
the end of November. The fundraise will be by way of a placing of
new C-Shares.
Whilst significant uncertainty regarding the market impact of
the recent events exists, based on current loss estimates, and
assuming no further significant catastrophic events for the
remaining part of the year, the Company currently estimates a NAV
return for 2017 of between positive five percent to negative 15
percent.
For further information:
Markel CATCo Investment Management Numis Securities Limited
Ltd.
David Benda / Hugh Jonathan
Judith Wynne Telephone: +44 (0) 20
General Counsel 7260 1000
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
Important notice
This Announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
This Announcement has been issued by and is the sole
responsibility of the Company.
No representation or warranty express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Numis or by any of its respective
affiliates or agents as to or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
Neither this Announcement nor anything contained herein shall
form the basis of, or be relied upon in connection with, any offer
or commitment whatsoever in any jurisdiction.
This Announcement and the information contained herein is not
for publication, release or distribution, directly or indirectly,
in or into the United States, Australia, Canada, Japan or South
Africa or any jurisdiction in which the same would be unlawful.
This Announcement does not constitute an offer to sell or issue or
the solicitation of an offer to buy or acquire shares in the
capital of the Company.
Shares in the Company have not been, or will not be, registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any State or
other jurisdiction of the United States, and accordingly may not be
offered, sold or transferred within the United States except
pursuant to an exemption from, or in a transaction not subject to,
registration under the Securities Act. No offering of the New
Shares is being made in the United States or to U.S. persons as
defined in and in accordance with Regulation S under the Securities
Act. The Company has not been and will not be registered under the
U.S. Investment Company Act of 1940, as amended and investors will
not be entitled to the benefits of that Act.
Numis, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting for the Company and
is acting for no-one else in connection with the issue and will not
be responsible to anyone other than the Company for providing the
protections afforded to its clients nor for providing advice in
relation to the proposed issue or any other matter referred to
herein. To the fullest extent permitted by law recipients agree
that Numis shall not have any liability (direct or indirect) for or
in connection with this Announcement or any matters arising out of
or in connection herewith. Numis has not authorised the contents
of, or any part of, this document.
This Announcement is for information purposes only and does not
constitute an invitation to subscribe for or otherwise acquire or
dispose of securities in the Company in any jurisdiction. The
information contained in this Announcement is for background
purposes only and does not purport to be full or complete. This
Announcement does not constitute or form part of any offer to issue
or sell, or any solicitation of any offer to subscribe or purchase,
any investments in any jurisdiction nor shall it (or the fact of
its distribution) form the basis of, or be relied on in connection
with, any contract therefor.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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