CATCo Reinsurance Opps Fund Ltd Update re government enquiry at Markel CATCo (1287W)
April 15 2019 - 1:00AM
UK Regulatory
TIDMCAT
RNS Number : 1287W
CATCo Reinsurance Opps Fund Ltd
15 April 2019
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Update regarding government enquiries at Markel CATCo
To: London Stock Exchange and Date: 15 April 2019
Bermuda Stock Exchange
The Board notes the press release issued by Markel Corporation
(NYSE:MKL) ("Markel") yesterday (link), which provides an update
regarding the ongoing US and Bermuda government enquiries into loss
reserves recorded in late 2017 and early 2018 by Markel CATCo
Investment Management Ltd ("Markel CATCo"), the Company's
investment manager, and its subsidiaries.*
The Board further notes that Markel's internal review of Markel
CATCo's loss reserving practices in late 2017 and early 2018 has
now been completed. The internal review, which was conducted by
outside counsel, found no evidence that Markel CATCo personnel
acted in bad faith in exercising business judgment in the setting
of reserves and making related disclosures during late 2017 and
early 2018.
(*Markel CATCo's subsidiaries include Markel CATCo Reinsurance
Fund Ltd., the master fund through which the Company invests, and
Markel CATCo Re Ltd, the reinsurer through which the master fund
invests.)
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 of Investor Marketing
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
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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