CATCo Reinsurance Opps Fund Ltd Update on Investment Manager (6076N)
21 January 2019 - 6:00PM
UK Regulatory
TIDMCAT
RNS Number : 6076N
CATCo Reinsurance Opps Fund Ltd
21 January 2019
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Announcement regarding Markel CATCo Investment Management
Ltd.
To: London Stock Exchange and Date: 21 January 2019
Bermuda Stock Exchange
The Board notes the press releases issued respectively by Markel
Corporation (NYSE:MKL) ("Markel") (link) and Markel CATCo
Investment Management Ltd. ("Markel CATCo") (link) on 18 January
2019, in which it was announced that, with immediate effect,
Anthony Belisle, Chief Executive Officer, and Alissa Fredricks,
Chief Executive Officer - Bermuda, are no longer with Markel CATCo
as a consequence of their violation of Markel policies relating to
an undisclosed personal relationship.
Markel conveyed to the Board that its long term strategy
includes its participation in the insurance-linked securities
marketplace and reaffirmed its support of the exceptionally
talented and experienced team that is in place to run the
business.
With effect from 18 January 2019, management and oversight of
Markel CATCo will be provided by Jed Rhoads, President and Chief
Underwriting Officer, Markel Global Reinsurance, and Andrew
"Barney" Barnard, Senior Managing Director, Head of International
Property Catastrophe and Retro Reinsurance at Markel Global
Reinsurance. The Board also understands that Markel will commence a
search for Markel CATCo's new Chief Executive Officer.
Notwithstanding this, the Board intends to keep the Company's
investment management arrangements under review as the transition
of Markel CATCo's management team takes place.
Markel CATCo confirms that the January 2019 portfolio renewal is
substantially complete, the 31 December 2018 NAV is progressing in
the normal course of business and that the 31 December 2018 year
end audit is underway.
The internal review by Markel of Markel CATCo's loss reserving
continues with no conclusions reached at this time.
Biographies
Jed Rhoads
Jed leads Markel's treaty and facultative reinsurance business
with teams focused on property, casualty, specialty, and public
entity risk solutions from offices located in the US, Bermuda, and
the UK. He joined Markel in 2013, when Markel acquired Alterra
Capital Holdings Limited in Bermuda. Over the course of his career,
Jed has held senior positions with Harbor Point Re, Chubb Re
Bermuda, Overseas Partners Limited Bermuda, and Stockton Re Limited
Bermuda.
Andrew "Barney" Barnard
Barney leads the international property team. His
responsibilities include Markel's catastrophe and retro reinsurance
products. He is based in Bermuda. Prior to joining Markel, Barney
was Senior Vice President with Alterra Capital Holdings Limited.
Barney's underwriting and business development career has included
positions with White Mountains Re, Willis Re, Gerling Global London
Market, and Eagle Star Re.
This Announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
For further information:
Judith Wynne
General Counsel
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Chief of Investor Marketing
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9001
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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