CATCo receives approval for secondary listing of shares on BSX

by Artemis on May 25, 2011

The Bermuda Stock Exchange (BSX) has approved the secondary listing of both ordinary and Class C shares of the CATCo Reinsurance Opportunities Fund Ltd., operated by CATCo Investment Management Ltd. Effective on the 20th May, the BSX listing committee approved listing of 87,642,000 ordinary shares and 124,446,737 Class C shares. The primary listing sits on the London Stock Exchange.

The ordinary shares are the shares CATCo originally capitalised itself with. The Class C shares are from their recent fund raising and capacity increasing activities which saw them issue new shares recently so that they could take advantage of the current reinsurance and retrocession market conditions.

Prime Management Ltd., who were recently approved as a sponsor of listings on the BSX sponsored this secondary listing for CATCo.

Greg Wojciechowski, President & CEO of the BSX stated, “I am delighted to welcome CATCo Reinsurance Opportunities Fund Ltd. to secondary listing on the BSX. At the BSX, we have worked very hard to deploy a state of the art internationally recognized listing and trading platform in Bermuda. As the insurance and capital market industries continue to move closer together, it is very apparent that Bermuda and the BSX can act to accelerate convergence. That said, I look forward to working with the Bermuda insurance industry to bring to market new and exciting products that are listed and traded on the BSX in Bermuda.”

Jason Bibb, Director & COO of CATCo Investment Management Ltd, added: “We are extremely pleased to add a secondary listing on the BSX, which brings significant value for our institutional and private client investors and highlights our support for the continued development of the local marketplace.”

John Whiley, representing Prime Management Limited stated: “We are pleased to have been able to assist CATCo Reinsurance Opportunities Fund Ltd. with their listing on the BSX. As a fund administrator and listing sponsor which is active in servicing the risk-linked investment community, we are very excited to see the continued growth and innovation in risk-linked investments”.

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