The in run-off retrocessional reinsurance investment funds that are managed by Markel CATCo Investment Management are heading back to the Bermuda Court this week to provide an update on recent developments.
As Markel CATCo seeks to speed the resolution and winding down of the retro reinsurance investment funds, a court directions hearing has been requested and scheduled for February 16th.
The hearing this week will give Markel CATCo a chance to update the court and its creditors on progress made, with it likely to focus on the recent enhancement of the terms offered to investors for the buy-out.
Following that, the two Markel CATCo funds, the public listed CATCo Reinsurance Opportunities Fund Ltd. and the private Markel CATCo Reinsurance Fund Ltd., have requested this new appearance to update the court as it continues to garner support for the buy-out.
The investment manager and parent Markel will be hoping to get closer to resolving the buy-out disagreement so they can move forwards and close this chapter.
As we also reported last week, the outlook for the buy-out also continued to improve, as Markel CATCo Investment Management recovered more value for its investors, thanks to favourable development related to 2017 and 2018 catastrophe loss events.