CATCo Reinsurance Opps Fund Ltd Net Asset Value(s) and Portfolio Update (3547M)
16 September 2019 - 4:01PM
UK Regulatory
TIDMCAT
RNS Number : 3547M
CATCo Reinsurance Opps Fund Ltd
16 September 2019
FOR IMMEDIATE RELEASE
16 September 2019
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Net Asset Value ("NAV") and Portfolio Update
To: SFS, London Stock Exchange and Bermuda Stock Exchange
Markel CATCo Investment Management Ltd., as the Company's
Investment Manager, announces the unaudited net asset value of the
Company's Ordinary Shares and C Shares of $0.2806 and $0.5283
respectively, as at the close of business on 31 August 2019.
The NAV is inclusive of an attritional loss reserve of
approximately 15bps per month (year-to-date: 120bps).
The Company's Ordinary Shareholders and C Shareholders are
exposed to potential losses arising from Hurricane Dorian which
made landfall in the Bahamas on 1 September 2019 as a category 5
storm. The hurricane went on to make landfall in North Carolina,
USA, on 6 September 2019 as a category 1 storm, before making
landfall again in Novia Scotia on 7 September 2019 as a
post-tropical cyclone.
Further, Typhoon Faxai made landfall east of Tokyo on 9
September 2019 as a category 2 storm and Shareholders of both
classes may also have exposure to potential losses from this
event.
Significant uncertainty remains with respect to the overall
private insurance industry loss impact for these events and the
Investment Manager will assess the combined effect and the need to
include specific additional loss reserves for Hurricane Dorian and
Typhoon Faxai in forthcoming NAV calculations once sufficient
information is available.
For further information:
Markel CATCo Investment Management Ltd. Numis Securities Limited
David Benda / Hugh Jonathan
Judith Wynne Telephone: +44 (0) 20 7260
General Counsel 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
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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