Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

CATCo fund directors “will not raise further capital in any circumstances”


The directors of the listed and in run-off retrocessional reinsurance focused investment strategy, the CATCo Reinsurance Opportunities Fund Ltd., have confirmed that they won’t look to raise further capital “in any circumstances”.

Markel CATCo logoThe announcement confirms the strategy to run-off and shutter all of the Markel CATCo Investment Management retrocessional reinsurance investment funds.

Markel CATCo Investment Management has been managing the run-off of its retrocessional reinsurance fund strategy over recent months, returning capital where it has been able to through a reverse tender offer and a series of share buy-backs.

That management is set to continue and the end-result being a full liquidation and shuttering of its strategies, as the directors of its listed retro reinsurance fund have now confirmed.

The directors of the fund explained that they have, “concluded that the Company will not raise further capital in any circumstances, and so the Company is being terminated by means of a managed process leading to liquidation in due course.”

Adding that, “The only further business that will be undertaken is that necessary to complete the run-off of each of the Company’s portfolios.”

Further saying that the return of available capital to holders of shares in the retro reinsurance fund will, “Take place as and when the Company receives sufficient redemption proceeds is part of this managed termination process, and such return of capital will, in due course, be completed via the liquidation process.”

The company is now seeking approval from shareholders for its plans to redeem its outstanding shares, to aid the liquidation process and return all available capital to them.

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