CATCo Reinsurance Opps Fund Ltd Update re government enquiries at Markel CATCo (7929N)
01 October 2021 - 11:58PM
UK Regulatory
TIDMCAT
RNS Number : 7929N
CATCo Reinsurance Opps Fund Ltd
01 October 2021
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Update regarding government enquiries at Markel CATCo
To: London Stock Exchange and Date: 1 October 2021
Bermuda Stock Exchange
The Board notes the Form 8K filed by Markel Corporation
(NYSE:MKL) ("Markel") with the U.S. Securities and Exchange
Commission ("SEC") on 30 September 2021, which provides an update
regarding the ongoing US and Bermuda government enquiries into loss
reserves recorded in late 2017 and early 2018 by Markel CATCo
Investment Management Ltd ("Markel CATCo"), the Company's
investment manager, and its subsidiaries.*
As a result of the governmental inquiries, Markel engaged
outside counsel to conduct an internal review. The internal review
was completed in April 2019 and found no evidence that Markel CATCo
personnel acted in bad faith in exercising business judgment in the
setting of reserves and making related disclosures during late 2017
and early 2018. After completing the internal review, Markel's
outside counsel met with the governmental authorities and reported
the findings.
The Board notes that, on 27 September 2021, the SEC notified
Markel that it has concluded its investigation and it does not
intend to recommend an enforcement action against Markel CATCo. On
28 September 2021, Markel was advised by the U.S. Department of
Justice ("DOJ") that it has concluded its investigation and will
not take any action against Markel CATCo. Throughout the inquiries,
Markel has proactively kept the Bermuda Monetary Authority ("BMA")
informed of the status of the SEC and DOJ investigations, including
the recent conclusion of those investigations. There are currently
no pending requests from the BMA and it has been over a year since
it has contacted Markel in relation to the governmental
inquiries.
(*Markel CATCo's subsidiaries include Markel CATCo Reinsurance
Fund Ltd., the master fund through which the Company invests, and
Markel CATCo Re Ltd, the reinsurer through which the master fund
invests.)
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
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