Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Markel CATCo says court decision on buyout hoped for in January


Progress in the buyout of investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds is unlikely to be made until next year now, as the investment manager said a court decision is unlikely to come until January 22nd 2022.

Markel CATCo logoThe investment manager said that a convening hearing in respect of the proposed buyout schemes of arrangement for the Markel CATCo Reinsurance Fund Ltd. and the CATCo Reinsurance Opportunities Fund Ltd. ended this Wednesday.

After the hearing, the court will now consider the arguments heard and give a decision on how the buyout process should proceed, it seems.

At the moment, no date for a judgement to be delivered has been fixed for the court, which does leave the process open to potentially dragging on.

But Markel CATCo said that it anticipates that the judgement will not be delivered until January 22nd 2022, so pushing the process into next year. The retro reinsurance investment manager said further updates will be made as information becomes available.

We reported in November that the buy-out process for Markel CATCo’s retrocessional reinsurance investment funds was likely to drag on, after a court appearance in Bermuda ended with Markel agreeing to provide additional information to creditors.

The expected Scheme Convening Hearing was held on this week and it’s unclear at this time what ramifications that may have, as at this hearing it was expected some investors would raise challenges to the proposed process.

Markel CATCo said it intended to vigorously defend the Schemes, but we won’t know the outcome until a judgement is delivered.

Also read:

Markel CATCo to “vigorously defend” investor challenges.

Markel CATCo buyout process facing challenges as court calls for more info.

Judge grants Markel CATCo Chapter 15 bankruptcy relief.

Pension Insurance Corp says to decline revised Markel CATCo buyout offer.

Updated Markel CATCo buyout could deliver 18.5% more to retro investors.

Investor terms improved in Markel CATCo buyout.

Markel CATCo buyout proposal challenged by Pension Insurance Corporation (PIC).

Markel CATCo in bankruptcy filing. Danish pension PKA revealed major holder.

Register today for ILS NYC 2023, our next insurance-linked securities (ILS) market conference. Held in New York City, February 10th, 2023.

Artemis London 2022 - Insurance-linked securities conference in London

Get a ticket soon to ensure you can attend. Secure your place at the event here!

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.