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CATCo Reinsurance Opportunities Fund Ltd. (the “Company”) Update regarding government enquiries at Markel CATCo

Hamilton, Bermuda – April 15, 2019-: In a filing with the Bermuda Stock Exchange CATCo Reinsurance Opportunities Fund Ltd. (the "Company”; Ticker: CAT.BH), provided an Update regarding government enquiries at Markel CATCo. The full filing stated the following:

 

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

Mobile: +44 (0) 7986 205364

Telephone: +1 (441) 493 9005

Email: judith.wynne@markelcatco.com

 

Mark Way, Chief of Investor Marketing

Mobile: +1 (441) 504 9178

Telephone: +1 (441) 493 9001

Email: mark.way@markelcatco.com

 

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