Bermuda headquartered CATCo Investment Management, the reinsurance and retrocession linked investment fund manager, has added another $3.4 million to its flagship listed CATCo Reinsurance Opportunities Fund Ltd.
CATCo announced today that in order to satisfy investor demand the manager has issued 3.4m new C shares at $1.00 each, raising $3.4 million before costs and expenses.
The additional capital raise comes on the heels of CATCo raising $88.44 million for its CATCo Reinsurance Opportunities Fund Ltd. in October.
The additional capital raised in recent weeks is expected to be fully invested at the forthcoming January reinsurance renewals, a key point in the market cycle for the global retrocession market, where this fund operated by CATCo is focused.
The 3.4m new C shares are scheduled to be admitted to the market on the 21st December 2015, after which the issued share capital of the CATCo Reinsurance Opportunities Fund will consist of 91,835,018 C shares and 273,224,673 ordinary shares.
CATCo’s recent success with fundraising demonstrates the continued interest in the reinsurance-linked asset class and the rising profile of its retrocessional investment fund.