Portfolio Update - Hurricane Irene (2412N)
August 30 2011 - 8:04AM
UK Regulatory
TIDMCAT
RNS Number : 2412N
CATCo Reinsurance Opps Fund Ltd
30 August 2011
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Portfolio Update - Hurricane Irene
To: SFM, London Stock Exchange Date: 30 August 2011
and Bermuda Stock Exchange
Hurricane Irene ("Irene") was the ninth named storm, the first
hurricane and the first major hurricane of the 2011 season. Irene
formed from a well-defined Atlantic tropical cyclone that showed
signs of organisation east of the Lesser Antilles on 15 August
2011. Further strengthening over the following days led to Irene
being classified as a category 1 hurricane on 21 August 2011. Irene
caused extensive damage across the Caribbean before making landfall
in North Carolina, on the East Coast of the United States of
America. It passed through New York City, which had been largely
evacuated, creating relatively limited damage, but caused
devastating flooding damage further inland in parts of New York
State and Vermont. Irene dissipated over Quebec, Canada on 29
August 2011 and entered the Atlantic Ocean again as a tropical
storm.
At her strongest, Irene was briefly a category 3 hurricane, with
tropical storm-force winds that spanned 580 miles wide. Throughout
its path, Irene caused widespread destruction and at least
twenty-six fatalities, with reports that some 8-10 people remain
missing.
The number of power outages that can be blamed on Irene has
surpassed 4 million, with homes and businesses across the eastern
seaboard being most affected.
Whilst it is too early for the industry, and indeed CATCo
Investment Management Ltd, to confirm a definitive magnitude of
retrocessional insured loss, early estimates from risk modelling
firms EQECAT, Kinetic Analysis and AIR Worldwide suggest that
maximum insured losses range from US$1.5bn to US$6bn. Assuming
actual insurance losses achieved the upper level of this range,
there would be no expected impact to the Company's portfolio.
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
Michael Toyer / John Whiley
Prime Management Ltd
Tel: +1 (441) 295 0329
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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