CatCo Reinsurance Opportunities Fund

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.

Gaining closure over the Markel CATCo retrocessional reinsurance investment funds cleared another hurdle for parent Markel today, after a Bermuda Court sanctioned the proposed schemes to implement the buyout process.

Investors in the Markel CATCo retrocessional reinsurance investment funds have voted overwhelmingly in favour of the proposed and updated buyout terms, putting the process on course for a resolution and completion by the end of the month.

The Markel CATCo retrocessional reinsurance investment funds are seeking support from the US bankruptcy courts for the proposed buyout schemes, which is seen as a precondition for the buyout proceedings moving forwards.

Investors in the Markel CATCo retrocession and reinsurance investment funds are being urged to vote in favour of moving the buy-out process forwards at meetings to be held on March 4th, putting the end of this chapter in sight.

A settlement is being negotiated between parties in a Florida fraud lawsuit lawsuit involving former CATCo CEO Tony Belisle, with the proceedings stayed until May to allow for the negotiations to continue.

At a directions hearing held in a Bermuda Court yesterday, the judge ruled that meetings of buy-out scheme creditors in the Markel CATCo Investment Management operated retrocessional reinsurance funds be held.