CATCo Reinsurance Opps Fund Ltd Net Asset Value(s) (3638R)
September 21 2017 - 2:01AM
UK Regulatory
TIDMCAT
RNS Number : 3638R
CATCo Reinsurance Opps Fund Ltd
21 September 2017
FOR IMMEDIATE RELEASE
21 September 2017
To: SFS, London Stock Exchange and Bermuda Stock Exchange
NET ASSET VALUE ("NAV")
Markel CATCo Investment Management Ltd., as Investment Manager,
announces the unaudited net asset value of the Company's Ordinary
Shares of $1.2507, as at the close of business on 31 August
2017.
The Company's Ordinary Shareholders are exposed to potential
losses arising from Hurricane Harvey which made landfall in the
state of Texas on 25 August 2017. Whilst much uncertainty remains
at this time with respect to the overall private insurance industry
loss impact, the Manager has implemented an initial loss reserve
for this event impacting the 31 August 2017 Net Asset Value by
6%.
The Manager continues to monitor any possible further impact of
Hurricane Harvey and will reassess the loss reserve for Hurricane
Harvey as part of the 30 September 2017 NAV calculation.
Further, at the beginning of September, Hurricane Irma made
landfall in both the Caribbean and the state of Florida. Much
uncertainty also remains at this time with respect to the overall
private insurance industry loss from this event. The impact of
Hurricane Irma will be assessed when setting the 30 September 2017
Net Asset Value.
The combined effect of these loss events is expected to have a
meaningful impact on 2017's portfolio returns with the potential to
fully erode annual returns, or more, for 2017.
The August NAV is inclusive of an attritional loss reserve of
approximately 15bps per month (year-to-date: 120bps).
For further information:
Markel CATCo Investment Management Numis Securities Limited
Ltd. David Benda / Hugh Jonathan
Telephone: +44 (0) 20
Judith Wynne 7260 1000
General Counsel
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Chief Operating Officer
Telephone: +1 441 493 9001
Email: http://mark.way@markelcatco.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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