Net Asset Value(s)

RNS Number : 9092N
CATCo Reinsurance Opps Fund Ltd
07 June 2022
 



7 June 2022

CATCo Reinsurance Opportunities Fund Ltd. (the "Company")

Net Asset Value and Portfolio Update

 

 

To: SFS, London Stock Exchange and Bermuda Stock Exchange

February 2022 Net Asset Values

Markel CATCo Investment Management Ltd., the Company's Investment Manager, announces the following unaudited Net Asset Value ("NAV") of the Company's Ordinary Shares and C Shares as at the close of business on 28 February 2022.

 

Ordinary Shares

 

·     Total NAV (USD): $53,534,038

·     NAV per Share of $0.3586 (based on the number of Ordinary Shares in issue as at 28 February 2022)

·   Adjusted NAV per Share of $1.2097 (based on the number of Ordinary Shares in issue post the partial compulsory redemption of shares, as announced on 7th April 2022)

 

The c. 6% increase in the February NAV per Share was due to (i) contributions related to the buyout transaction representing c. 4.7% and (ii) favourable loss reserve development  of c. 1.3% in relation to the Side Pocket Investment from the 2019 underwriting year.

 

The  adjusted Ordinary Share   NAV (after taking into account the April 2022 partial compulsory redemption) consists of approximately $1.1m of cash on hand and approximately $0.7m of   investments held in Side Pocket Investments.

 

C Shares

 

·     Total NAV (USD): $60,876,593

·     NAV per Share of $0.7314 (based on the number of C Shares in issue as at 28 February 2022)

·   Adjusted NAV per Share of $8.4335 (based on the number of C Shares in issue post the partial compulsory redemption of shares as announced on 7th April 2022)

 

The c. 8.6% increase in the February NAV per Share was due to (i) contributions related to the buyout transaction representing c. 3.6% and (ii) favourable loss reserve development of c. 5%   in relation to the Side Pocket Investment from the 2019 underwriting year.

 

The  adjusted C Share   NAV (after taking into account the April 2022 partial compulsory redemption) consists of approximately $4.2m of cash on hand and approximately $2.8m of   investments held in Side Pocket Investments.

 

 

 

 

For further information:

 

Markel CATCo Investment Management Ltd.

 

Judith Wynne

General Counsel

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

Numis Securities Limited

 

David Benda / Hugh Jonathan

Telephone: +44 (0) 20 7260 1000

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NAVUPURWQUPPGBQ
UK 100

Latest directors dealings