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14 Jan 2014 07:00
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Announcement of Contingent Distribution to Ordinary Shareholders
To: SFM, London Stock Exchange and the Bermuda Stock Exchange | Date: 14 January 2014 |
On the 2 August 2012, the Board of Directors announced that it had declared a distribution (the "Distribution") to Ordinary Shareholders of any proceeds it received in connection with that part of its investment in CATCo Diversified Fund (the "Master Fund"), a segregated account of CATCo Reinsurance Fund Ltd. (the "Master Fund SAC"), which was exposed to potential losses arising from the Master Fund's investment in reinsurance contracts linked to the New Zealand earthquake that occurred on 22 February 2011 and the Japan earthquake that occurred on 11 March 2011 (together, the "NZ and Japan Exposures").
There remains no further liability associated with the New Zealand earthquake as this loss was representative of the Company's side pocket investment.
However, with regard to the Japan earthquake, any payment of any Distribution was conditional upon the Company receiving the proceeds from the Master Fund in relation to this exposure. Following negotiation, a full and final commutation has been agreed with the counterparty holding that reinsurance contract. As a result, the Board of Directors declare a contingent distribution to Ordinary Shareholders of $0.02887 cent per share. The distribution will have a record date of 10 August 2012 and an associated ex-dividend date of 8 August 2012. The Distribution will be paid on 24 January 2014.
This represents a 3.0% restated capital return for the year to 31 December 2011.
-Ends-
For further information, please contact:
Jason Bibb, Director
CATCo Investment Management Ltd
Telephone: +1 441 531 2227
Email: jason.bibb@catcoim.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0)20 7260 1000
John Whiley
Prime Management Ltd
Tel: +1 (441) 295 0329
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