Proposed Capital Raising for New Investment Opport (5575E)
April 08 2011 - 2:00AM
UK Regulatory
TIDMCAT
RNS Number : 5575E
CATCo Reinsurance Opps Fund Ltd
08 April 2011
CATCo Reinsurance Opportunities Fund Ltd. ("the Company or
CATCo")
Proposed Capital Raising for New Investment Opportunites
To: SFM, London Stock Exchange Date: 8 April 2011
The Board of Directors are pleased to advise that the Company is
seeking to raise additional capital by way of a C-Share issuance.
Current market conditions indicate that the Company has attractive
investment opportunities available to it, with the ability to write
a May/June portfolio including enhanced premiums in excess of those
achieved at 1 January 2011.
Following discussions with CATCo's existing reinsurance
counterparties where protections have been provided and are
included in the existing portfolio, claim reserves held for the
recent 2011 events in Australia, New Zealand and Japan are below
the Company's reinsurance agreement loss event deductibles.
Consequently, the Board of Directors currently do not believe that
there are any potential losses to CATCo's reinsurance portfolio
resulting from recent events in these countries. CATCo's
reinsurance portfolio is also not exposed to any nuclear power
related claims.
On Admission to the Specialist Fund Market of the London Stock
Exchange on 20 December 2010, the Company raised c. $80.39m and has
subsequently raised a further c. $7.35m through a placing of new
ordinary shares representing c.9% of the issued share capital on 31
March 2011. The Company is structured as a Feeder Fund into a
private Master Fund in Bermuda.
-Ends-
For further information, please contact:
CATCo Investment Management Ltd
Jason Bibb/ Mark Way
Telephone: +1 441 531 2227 / +44 7786 116991
Email: jason.bibb@catcoim.com / mark.way@catcoim.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0)20 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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