20 Jan 2017 07:00
FOR IMMEDIATE RELEASE
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20 January 2017
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To: SFM, London Stock Exchange and Bermuda Stock ExchangeÂ
NET ASSET VALUE AND PORTFOLIO UPDATE
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Markel CATCo Investment Management Ltd., as Investment Manager, announces the unaudited net asset value of the Company's Ordinary Shares and C Shares of $1.3024 and $1.0512 respectively, as at the close of business on 31 December 2016.
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The NAV annual return for the year ended 2016 for Ordinary Shares and C Shares was 8.12% and 7.27% respectively.
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The Investment Manager recorded a loss reserve of c.1% of NAV in relation to Hurricane Matthew that impacted parts of the Caribbean before making landfall in South Carolina, U.S. on 8 October 2016.
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A loss reserve of c.1% of NAV was also recorded in relation to the magnitude 7.8 earthquake that struck the South Island of New Zealand on 14 November 2016.
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In addition, the Investment Manager increased its specific loss reserve for the Canadian Wildfires to a total of c.3% of NAV (c.1% was included in the June NAV). However, approximately 1% of the annual attritional loss reserve (c.2% per annum) was un-utilised, therefore this was reversed into the December NAV and partly offsets the afformentioned loss reserve increase.
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For further information, contact: | Â |
Markel CATCo Investment Management Ltd.  Judith Wynne General Counsel Telephone: +1 441 493 9005 Email: judith.wynne@markelcatco.com  Mark Way Chief Operating Officer Telephone: +1 441 493 9001 Email: http://mark.way@markelcatco.com | Numis Securities Limited  David Benda / Hugh Jonathan Telephone: +44 (0) 20 7260 1000 |
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Ends
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