TIDMCAT

RNS Number : 9550J

CATCo Reinsurance Opps Fund Ltd

17 April 2020

FOR IMMEDIATE RELEASE

17 April 2020

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

Net Asset Value and Portfolio Update

To: SFS, London Stock Exchange and Bermuda Stock Exchange

March 2020 Net Asset Values

Markel CATCo Investment Management Ltd., the Company's Investment Manager, announces the unaudited Net Asset Value of the Company's Ordinary Shares and C Shares of $0.2669 and $0.5161 respectively, as at the close of business on 31 March 2020.

Portfolio Update

As announced by the Company on 9 April 2020, the Company will return an aggregate amount of approximately $29.34 million on 20 April 2020 by way of a compulsory partial redemption of approximately 8.94% of the Company's total issued share capital (consisting of 6.51% of the Ordinary Shares currently in issue, and 10.64% of the C Shares).

The Investment Manager advises of a further release of Side Pocket Investment ("SPI") capital of approximately $18.8 million which is expected to be paid to the Company during May 2020, and which the Company intends to use to carry out a second compulsory partial redemption of its issued share capital. The Company will issue further details of the expected timetable for this second compulsory redemption shortly.

The breakdown of the SPI releases is as follows:

 
 SPI Year    Ord Shares   % of SPI   C Shares      % of 
                                                    SPI 
 2016 SPI    $1,565,000    17.1%     -              - 
            -----------  ---------  ------------  ----- 
 2018 SPI    $1,106,000     5.6%     $6,142,000    5.6% 
            -----------  ---------  ------------  ----- 
 2019 SPI    $1,953,000     9.2%     $8,053,000    9.2% 
            -----------  ---------  ------------  ----- 
 TOTAL       $4,624,000      -       $14,195,000    - 
            -----------  ---------  ------------  -----

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

 
For further information: 
Markel CATCo Investment Management Ltd.  Numis Securities Limited 
                                          David Benda / Hugh Jonathan 
 Judith Wynne                             Telephone: +44 (0) 20 7260 
 General Counsel                          1000 
 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

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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