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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Catco Reinsurance Opportunities Fund Limited | LSE:CAT | London | Ordinary Share | BMG1961Q3242 | ORD USD0.00013716 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 13.00 | 35.00 | 24.00 | 24.00 | 24.00 | 17 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 6.33M | 5.44M | 3.6440 | 6.59 | 35.84M |
TIDMCAT
RNS Number : 7993M
CATCo Reinsurance Opps Fund Ltd
25 January 2016
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Portfolio Update
To: SFM, London Stock Date: 25 January 2016 Exchange and Bermuda Stock Exchange
Highlights
-- The FY15 net asset value ("NAV") return was 11.58%, outperforming the Eurekahedge Insurance Linked Securities Advisors Index of 4.27%
-- Side pockets set up at 31 December 2015 amount to approximately 5.5% of Ordinary Share NAV with a significant proportion of this amount related to the late December 2015 UK flooding event. This event is not expected to result in loss payments diluting the value of these side-pockets
-- The late December UK flooding and US tornado events also necessitated the need for a conservative reserving approach at year-end, which adversely impacted the NAV by 175 bps. However, the expectation is that a significant proportion of this reserve will be released during 2016
-- There are no remaining side pockets associated with calendar years prior to 2014 as Superstorm Sandy has now been fully commuted during Q4 2015 resulting in approximately a 1% increase to the FY15 NAV
-- The side pockets related to 2014's US convective storms have reduced to c. 1.5% from the 3.5% established at 31 December 2014
-- Increased demand for Markel CATCo Re Ltd (the "Reinsurer") products has led to 100% of available capital deployed at 1 January 2016
-- FY16 portfolio provides for an indicative net return of c. 16% on invested capital with a lower risk portfolio versus FY15's portfolio
-- Average risk of FY16 portfolio down c. 20% on FY15's portfolio -- Maximum capital exposed to a worst case single event is not more than 10% -- The FY2015 dividend will be announced on 29 January 2016
For further information:
Judith Wynne,
Company Secretary and General Counsel
Markel CATCo Investment Management Ltd
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Fund Operations and Investor Relations Director
Markel CATCo Investment Management Ltd
Telephone: +1 441 493 9003
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 company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 25, 2016 02:00 ET (07:00 GMT)
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