CATCo Reinsurance Opps Fund Ltd Net Asset Value(s) and Portfolio Update (3024U)
22 November 2019 - 6:00PM
UK Regulatory
TIDMCAT
RNS Number : 3024U
CATCo Reinsurance Opps Fund Ltd
22 November 2019
FOR IMMEDIATE RELEASE
22 November 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 (the "Investment Manager"), announces the
unaudited Net Asset Value of the Company's Ordinary Shares and C
Shares of $0.2737 and $0.5023 respectively, as at the close of
business on 31 October 2019. This includes the dividend announced
on 4(th) October 2019.
The NAVs are inclusive of an attritional loss reserve of
approximately 15bps per month (year-to-date: 150bps).
The Company previously advised Ordinary Shareholders and C
Shareholders about exposure to potential losses arising from
Typhoon Hagibis which made landfall in Shizuoka's Izu Peninsula
just south-west of Tokyo, Japan on 12 October 2019 as a category 2
storm.
Despite Typhoon Hagibis occurring relatively recently in October
2019 the Investment Manager has implemented a specific loss reserve
for this event. The loss reserve recorded for the Ordinary and C
Shares represents -6.0 per cent and -9.0 per cent of NAV
respectively, as of 31 October 2019.
Information pertaining to the private insurance industry loss
impact for Typhoon Hagibis and also for Hurricane Dorian and
Typhoon Faxai, which both occurred in September 2019 and were
reserved for in the September NAV, is still developing. The loss
reserves for these events have been established based on early
industry loss estimates and without cedant loss notifications. It
is therefore possible that as loss information is received by the
Investment Manager the loss reserves may change materially.
The impact to the capital deployed in the 2019 portfolio from
the combined loss reserves recorded year to date for Hurricane
Dorian, Typhoon Faxai and Typhoon Hagibis is estimated to be
approximately 25 per cent.
The Investment Manager will continue to assess the possible need
to change the loss reserves for any of the events mentioned in
forthcoming NAV calculations as more industry and cedant loss
information becomes 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 of Investor Marketing
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
This information is provided by RNS, the news service of the
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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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