Blue Capital Management
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The Sompo International company was placed into run-off in June 2019. -
The $3.9mn claim followed an August revision to the PCS Irma loss estimate.
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The move comes amid a planned wind-down that began last August.
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The firm’s wind-down was 85 percent complete as of 31 March, a financial report shows.
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The company will delist from the New York Stock Exchange as the listed ILS fund sector heads for closure.
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The New York-listed Blue Capital Reinsurance Holdings posted a net income of $1.7mn for the first seven months of 2019, as the run-off process continued.
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The company will pay out another $13mn to shareholders but made a Q3 loss.
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The New York-listed carrier had stopped writing business in the quarter before its planned shut-down was announced.
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The Sompo International-owned company said it expected to return most capital by the end of 2020.
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The company’s liquidators have opted not to make a distribution to shareholders this quarter, having paid out $56mn in April.
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The reinsurer is pitching its listed fund as a shell acquisition opportunity, according to sources.
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Premiums written by the Sompo International-owned vehicle were down 56.8 percent on the same quarter a year ago.
