Markel Catco
-
The company no longer has any exposure to reinsurance contracts. -
The capital being returned to shareholders is part of a compulsory partial redemption.
-
The manager is hopeful of closing all contracts by the end of 2024.
-
The fund has nine open contracts it is actively trying to run-off, four years after its failure.
-
Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
-
The partial redemption values Ordinary Shares at $3.33 and C Shares at $17.50.
-
Markel Catco reported a small gain for its February result on 2019 side pocket releases, ahead of its early buyout of investors.
-
Commutation negotiations continue on the book of underlying contracts written by the retro fund.
-
Markel CatCo’s buyout transaction closed 28 March, as the firm prepares to pay out $106mn of remaining value to shareholders in its public fund.
-
The catastrophe bond is the fourth in the series for reinsured NCIUA
-
Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
-
Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.
