CatCo Reinsurance Opportunities Fund

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Markel CATCo to “vigorously defend” investor challenges

Markel CATCo Investment Management acknowledged the delay to the buyout process for its retrocessional reinsurance investment funds this morning, but said that any challenges from investors would be vigorously defended against. We reported yesterday that the buy-out process for its retrocessional reinsurance investment funds was set to drag on, after a read the full article →

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

Activity surrounding the buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds looks set to drag on, after a court appearance in Bermuda ended with Markel agreeing to provide additional information to creditors, we understand. The civil and commercial Supreme Court hearing in Bermuda yesterday read the full article →

Judge grants Markel CATCo Chapter 15 bankruptcy relief

Yesterday, a judge in the United States Bankruptcy Court for the Southern District of New York granted Markel CATCo's petition for Chapter 15 bankruptcy recognition and relief for the proposed buyout process for the final winding down of the CATCo retrocessional reinsurance funds. Chapter 15 bankruptcy proceedings are typically applied to read the full article →

Pension Insurance Corp says to decline revised Markel CATCo buyout offer

Pension Insurance Corporation plc (PIC) has explained that it won't accept the updated and improved buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds, calling the proposal "fundamentally flawed". As a reminder Markel Corporation and Markel CATCo made an offer to buyout the remaining holdings read the full article →

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

Investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds now stand to receive as much as 18.5% more in capital return, on the back of the updated and improved buyout terms. The buyout terms being offered were updated last week and made more favourable in response to investor feedback. This read the full article →

Investor terms improved in Markel CATCo buyout

Markel CATCo Investment Management said this morning that it has received a "substantial level of investor support" for its proposed buyout transaction to speed the winding up of its retrocessional reinsurance investment funds and has updated the terms to be more favourable, in response to investor feedback it seems. In fact, read the full article →

CATCo retro fund further reduces 2018 wildfire losses

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has again seen its net asset value (NAV) rise after another reduction in catastrophe loss reserves, this time from the 2018 California wildfires. The retrocessional reinsurance investment portfolio constructed by read the full article →

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

Pension Insurance Corporation plc (PIC) announced just now that it intends to try and put together an investor group to challenge retrocessional reinsurance investment manager Markel CATCo's proposed buyout scheme, saying that it believes it will "drastically undervalue the interests of investors." The move could be a setback to the plans read the full article →

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

Markel CATCo Investment Management, the in run-off retrocessional reinsurance manager of insurance-linked securities (ILS) funds, is to be the subject of Chapter 15 bankruptcy proceedings, with filings made in the United States that have also disclosed Danish pension fund investor PKA A/S as a major holder. Chapter 15 bankruptcy proceedings are read the full article →

US authorities take no action against Markel CATCo on loss reserves

United States governmental authorities have concluded their investigations into retrocessional reinsurance investment manager Markel CATCo this week, with no action set to be taken. It's another step towards the successful winding-up and running-off of the Markel CATCo retro reinsurance investment funds, on which as we explained earlier this week the manager read the full article →