CATCo Reinsurance Opps Fund Ltd Hurricane Sandy Update (8230F)
May 29 2013 - 9:53AM
UK Regulatory
TIDMCAT
RNS Number : 8230F
CATCo Reinsurance Opps Fund Ltd
29 May 2013
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Hurricane Sandy Update - updated PCS loss reserve estimate
To: SFM, London Stock Exchange Date: 29 May 2013
and Bermuda Stock Exchange
Further to the Board of Directors' announcements on 23 January
2013 and 25 March 2013 in relation to events of Hurricane Sandy
which began on 23 October 2012, Property Claims Services ("PCS"),
an independent company which investigates reported disasters and
determines the extent and type of damage, dates of occurrence and
geographic areas affected primarily within the US, has issued a
third re-survey loss estimate based largely on a follow-up with
affected insurers.
The updated loss estimate was $18.75 billion, which remains
unchanged from their second re-survey loss estimate released on 22
March 2013.
As this third re-survey loss estimate is equal to the prior two
re-surveys, PCS would ordinarily label this loss estimate as
"final" at $18.75 billion, which then leads to a final settlement
of all of CATCo-Re's Industry Loss Warranty contracts exposed to
Hurricane Sandy. However, PCS has elected to allow for one more
re-survey within 60 days due to the complexity and severity of this
event.
The existing retrocessional reinsurance loss reserve provision
that is included in the Company's Net Asset Value calculation is
based on an insured industry loss of $20 billion. The Board of
Directors remains of the opinion that there is no need to amend the
existing retrocessional reinsurance loss reserve provision that is
currently in place.
For further information, please contact:
Jason Bibb
CATCo Investment Management Ltd
Telephone: +1 (441) 531 2227
Email: jason.bibb@catcoim.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0) 20 7260 1000
John Whiley / Matthew Charleson
Prime Management Ltd
Tel: +1 (441) 295 0329
This information is provided by RNS
The company news service from the London Stock Exchange
END
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