CATCo Reinsurance Opps Fund Ltd Midwestern Tornados Outbreak (4514F)
May 23 2013 - 7:54AM
UK Regulatory
TIDMCAT
RNS Number : 4514F
CATCo Reinsurance Opps Fund Ltd
23 May 2013
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Portfolio Update - Midwestern Tornados Outbreak
To: SFM, London Stock Exchange Date: 23 May 2013
and Bermuda Stock Exchange
Between 18-21 May 2013, a significant tornado outbreak affected
parts of the Midwestern United States and lower Great Plains. On 18
May, a slow moving weather trough crossed the Rockies and traversed
the western Great Plains with a few tornadoes touching down that
day over Kansas and Nebraska.
The following day, activity shifted only slightly eastward, with
many tornadoes occurring over Oklahoma, Kansas, Iowa, Missouri, and
Illinois. In Oklahoma, two violent tornadoes caused significant
damage in rural areas of the eastern Oklahoma City metropolitan
area with two people killed in Shawnee. However, the most
destructive events unfolded on 20 May as a large EF5 tornado
devastated parts of Moore, Oklahoma, with 24 people being killed.
Thousands of structures were destroyed, with many being completely
destroyed.
Whilst it is too early for the industry, and indeed CATCo
Investment Management Ltd (the "Managers"), to confirm a definitive
magnitude of the retrocessional insured loss, early estimates from
one insurance-risk modeling firm suggest that the "100%"
replacement value of properties within a 0.4-mile buffer zone
around the affected area was USD 2.2 billion and within a 1-mile
buffer zone of the storm track the "100%" replacement value was USD
6.4 billion.
This is not an insured loss estimate, but represents a "total"
replacement value assuming all properties were completely destroyed
in this area. At the lower and higher ranges of this 100%
replacement value estimate, the modeled impact to the Company's
2013 retrocessional portfolio net returns is 0% and 5%,
respectively.
It is the Manager's opinion that the insured losses related to
this event will be below $5bn which would have no meaningful impact
to the current portfolio. The Manager will continue to work closely
with our reinsurance counterparties, and the market, to be able to
provide as much information as possible when it becomes
available.
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
John Whiley / Matthew Charleson
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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