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Hamilton, Bermuda – October 1, 2021 – In a filing with the Bermuda Stock Exchange CATCo Reinsurance Opportunities Fund Ltd. (the "Company”; Ticker: CAT.BH) announced information on CATCo Reinsurance Opportunities Fund Ltd.- Update regarding government enquiries at Markel CATCo. The full filing stated:

 

                                                                             

 

 

 

To:  London Stock Exchange and Bermuda Stock Exchange

Date: 1 October 2021

 

 

 

The Board notes the Form 8K filed by Markel Corporation (NYSE:MKL) ("Markel") with the U.S. Securities and Exchange Commission (“SEC”) on 30 September 2021, 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.*

 

 

 

As a result of the governmental inquiries, Markel engaged outside counsel to conduct an internal review. The internal review was completed in April 2019 and 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. After completing the internal review, Markel’s outside counsel met with the governmental authorities and reported the findings.

 

 

 

The Board notes that, on 27 September 2021, the SEC notified Markel that it has concluded its investigation and it does not intend to recommend an enforcement action against Markel CATCo. On 28 September 2021, Markel was advised by the U.S. Department of Justice (“DOJ”) that it has concluded its investigation and will not take any action against Markel CATCo. Throughout the inquiries, Markel has proactively kept the Bermuda Monetary Authority (“BMA”) informed of the status of the SEC and DOJ investigations, including the recent conclusion of those investigations. There are currently no pending requests from the BMA and it has been over a year since it has contacted Markel in relation to the governmental inquiries.

 

 

 

(*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

 

 

 

 

 

 

 

 

 

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For more information on the Bermuda Stock Exchange (BSX), contact Nancy Vieira at 1-441-292-7212 or nvieira@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

 

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

 

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX irecognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.