CATCo Reinsurance Opps Fund Ltd Net Asset Value (7518T)
17 October 2017 - 5:00PM
UK Regulatory
TIDMCAT
RNS Number : 7518T
CATCo Reinsurance Opps Fund Ltd
17 October 2017
FOR IMMEDIATE RELEASE
17 October 2017
To: SFS, London Stock Exchange and Bermuda Stock Exchange
NET ASSET VALUE ("NAV")
Markel CATCo Investment Management Ltd., as Investment Manager,
announces the unaudited net asset value of the Company's Ordinary
Shares of $1.0795, as at the close of business on 30 September
2017.
The Company's Ordinary Shareholders are exposed to potential
losses arising from Hurricanes Harvey, Irma and Maria ("HIM").
Whilst much uncertainty remains at this time with respect to the
overall private insurance industry loss impact, the Manager has
implemented loss reserves for these events impacting the 30
September 2017 Net Asset Value by c. 14%. An initial loss reserve
of six percent for Hurricane Harvey was established in the August
NAV bringing the Company's total loss reserve to-date (net of loss
recoverables) for HIM to 20%.
The loss reserve impact would have been significantly greater
except for a significant benefit derived from the reinsurance
protections purchased by the Manager for the purpose of hedging the
portfolio exposures. The Manager will continue to monitor any
possible further impact from these hurricanes and will reassess the
loss reserves for each remaining 2017 monthly NAV calculation.
Further, the September NAV is inclusive of an attritional loss
reserve of approximately 15bps per month (year-to-date: 135bps). At
this time, the attritional loss reserve is expected to be
sufficient to absorb the impacts of any other 2017 loss activity
including the recent earthquakes in Mexico.
For further information:
Markel CATCo Investment Management Numis Securities Limited
Ltd. David Benda / Hugh Jonathan
Telephone: +44 (0) 20
Judith Wynne 7260 1000
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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