27th Sep 2021 12:59
CATCo Reinsurance Opportunities Fund Ltd - invests in catastrophe reinsurance risks - Bermuda-based Markel CATCo Investment Management Ltd, the company's manager, offers to fund a buyout that would provide an accelerated return of substantially all net asset value to investors. CATCo Reinsurance Opportunities Fund has been in run-off since 2019. Affiliates of Markel Corp will provide up to about USD150 million to facilitate the buyout of retrocessional segregated accounts of the fund. Investors will receive any outstanding NAV, plus any upside if reserves exceed claims.
CATCo Reinsurance Opportunities Fund separately reports Monday that NAV declines to USD91.0 million as of June 30 from USD11.8 million at the end of December, primarily due to capital returns to shareholders. Notes it has returned USD325.2 million in capital to shareholders since the announcement of the run-off two years ago.
NAV per ordinary share rises to USD0.3065 from USD0.2828 on December 31, while NAV per C share rises to USD0.5441 from USD0.5071. The improvement in NAV per share is due to a reduction in loss notifications relating to the 2017 and 2018 wildfires in Canada, the company says.
Current ordinary share price: USD0.25
Year-to-date change: up 9.1%
By Tom Waite; [email protected]
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