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The unwinding of the Markel CATCo retrocessional reinsurance investment funds and the return of capital to investors continues apace, with a further US $17.8 million now being delivered back to shareholders in the London-listed retro fund.

Favourable development across the CATCo retrocessional reinsurance investment portfolio has delivered almost $82 million back to investors in the strategy across the first nine months of 2022.

The CATCo retrocessional reinsurance investment portfolio appears to have had yet another major boost to its value on the back of additional favourable development related to the 2018 catastrophe loss year.

The CATCo retrocessional reinsurance investment portfolio continues to benefit from favourable development on reserves, with the manager expecting yet another release of side pocket investment capital later this year, which it expects to buy back more shares with.

The CATCo retrocessional reinsurance investment portfolio has continued to experience favourable development against prior loss year side pockets, with additional value recovered in April.

The CATCo retrocessional reinsurance investment portfolio experienced more favourable development on a side pocket set for the 2019 underwriting year before its final winding down and distribution of the remaining capital to investors was complete.

With the CATCo retrocessional reinsurance investment funds buyout now completed, owner Markel and the remaining former-Markel CATCo team can concentrate on running-off the remainder of the portfolio, a process that could continue into 2023.

Shares have been redeemed in the public and stock exchange listed CATCo Reinsurance Opportunities Fund, as investors in the strategy finally get to realise the remaining value and exit the retrocessional reinsurance investment strategy.

The closing date for the buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds was yesterday March 28th and as a result distributions of the remaining value in the ILS fund strategies to investors have begun.

The proposed buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds have now received formal support from the US bankruptcy courts and Markel said yesterday that two lawsuits filed against former Markel CATCo CEO Tony Belisle will now be dismissed with prejudice, as the buy-out offer moves towards its close.