CATCo Reinsurance Opps Fund Ltd Net Asset Value(s) and Portfolio Update (1540Q)

TIDMCAT

RNS Number : 1540Q

CATCo Reinsurance Opps Fund Ltd

17 October 2019

FOR IMMEDIATE RELEASE

17 October 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 $0.3005 and $0.5703 respectively, as at the close of business on 30 September 2019.

The NAVs are inclusive of an attritional loss reserve of approximately 15bps per month (year-to-date: 135bps).

The Company previously advised Ordinary Shareholders and C Shareholders about exposure to potential losses arising from Hurricane Dorian which made landfall in the Bahamas, U.S.A. and Canada, and Typhoon Faxai which made landfall in Japan.

Despite both events occurring relatively recently in September 2019 the Investment Manager has implemented a specific loss reserve for these events. The loss reserve recorded for the Ordinary and C Shares represents -1.69 per cent and -2.53 per cent of NAV respectively, as of 30 September 2019.

Information pertaining to the private insurance industry loss impact for Hurricane Dorian and Typhoon Faxai is still developing and cedant loss notifications are not yet available, meaning these loss reserves have initially been established based on early industry loss estimates. It is therefore possible that the impact of these events may change materially following the availabilty of formal cedant loss notifications.

In addition, the Investment Manager is monitoring the impact of Typhoon Hagibis that made landfall in Shizuoka's Izu Peninsula just south-west of Tokyo on 12 October 2019 as a category 2 storm. The Investment Manager will assess the effect and the need to establish a specific loss reserve for Typhoon Hagibis in forthcoming NAV calculations, once sufficient industry loss information is 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 London Stock Exchange. RNS is approved by the Financial Conduct 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

NAVEAAEKFENNFAF

(END) Dow Jones Newswires

October 17, 2019 02:00 ET (06:00 GMT)

Catco Reinsurance Opport... (LSE:CAT)
Historical Stock Chart
From Jun 2024 to Jul 2024