CATCo Reinsurance Opps Fund Ltd Portfolio Update (5011Q)
February 19 2019 - 6:00AM
UK Regulatory
TIDMCAT
RNS Number : 5011Q
CATCo Reinsurance Opps Fund Ltd
19 February 2019
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Portfolio Update
To: SFM, London Stock Exchange Date: 19 February, 2019
and Bermuda Stock Exchange
2019 Portfolio Highlights
-- 2019 portfolio indicative maximum net return, on a no loss
basis, is approximately 30 percent (net of hedging costs, fees and
expenses) on invested capital (2018: 23 percent).
-- This includes the remaining 2018 mid-year deals (c. 25
percent of portfolio) and renewed 1 January 2019 deals.
-- Max capital exposure to a worst-case single event 10 percent
2018 Portfolio Summary
-- 2018 unaudited net asset value ("NAV") return for the C Shares was -35.7 percent.
-- Breakdown of unaudited loss reserves by event in an amount as
a percent of 1 January 2018 NAV (of the Cs) as follows:
o Hurricanes Florence and Michael: c. 15.3 percent
o Typhoon Jebi: c. 8.5 percent
o California Wildfires: c. 35.3 percent
o Attritional c. 1.5 percent
Due to the nature of inherent uncertainty with underlying
catastrophic losses the above reserves may be subject to future
favourable or adverse development
Ordinary Shares:
-- The total Side Pocket Investments ("SPIs") held by calendar
year of underwriting are as follows as a percentage of the
Company's 31 December 2018 NAV:
o 2015: c. 2 percent (c. 1.2 percent at 31 December 2017)
o 2016: c. 11 percent (c. 6.1 percent at 31 December 2017)
o 2017: c. 42 percent. (c. 41.5 percent at 31 December 2017).
Actual claims paid represent c. 75 percent of total 2017 losses
recorded
o 2018: c. 21 percent. Actual claims paid represent c. 35
percent of total 2018 losses recorded
-- The 2018 annual dividend was announced on 31 January 2019.
Annual dividend of $0.0265 in respect of each of the Ordinary
Shares for the year to 31 December 2018 are expected to be paid to
Shareholders on 25 February 2019.
-- After reflecting 2017 and 2018 SPIs and loss reserves, the
Ordinary Shares, net of dividend declared in 2019, will have c. 16
percent of NAV participating in the 2019 portfolio.
-- As at 31 December 2018, the cash held by the Ordinary Shares represented c.1 percent of NAV.
C Shares
-- The total Side Pocket Investments ("SPIs") held as a
percentage of the Company's 31 December 2018 NAV:
o 2018: c. 47 percent. Actual claims paid to date represent c.
35 percent of total 2018 losses recorded
-- The 2018 annual dividend was announced on 31 January 2019.
Annual dividends of $0.0445 in respect of each of the C Shares for
the year to 31 December 2018 are expected to be paid to
Shareholders on 25 February 2019.
-- After reflecting 2018 SPIs and loss reserves, the C shares,
post dividend, will have c. 45 percent participating in the 2019
portfolio.
-- As at 31 December 2018, the cash held by the C Shares represented c.1% of NAV
Any capital (net of Side Pockets) released from the 2018
mid-year deals may be returned to investors at the discretion of
the Board subject to consultation with Shareholders.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
For further information:
Judith Wynne
General Counsel
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Chief Operating Officer
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
David Benda / Hugh Jonathan
Numis Securities Limited
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.
END
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