Directorate Change

CATCo Reinsurance Opportunities Fund Ltd (the "Company").

Appointment of Chief Operating Officer at Markel CATCo Investment Management Ltd.

The Company announces the following executive change at its Manager, Markel CATCo Investment Management Ltd. (the "Manager" or "Markel CATCo").

Mark Way has been appointed Chief Operating Officer of Markel CATCo with immediate effect. Mark worked for CATCo Investment Management Ltd. ("CATCo") since its launch in 2011. CATCo was acquired by Markel Corporation in December 2015.

Located in Bermuda, Mark will have responsibility for the Markel CATCo day-to-day operations. He will report directly to Tony Belisle, Chief Executive Officer.

Mark has over 20 years of international financial markets experience. Before working for CATCo, Mark worked for the Madano Partnership in London where he was a Managing Partner. Prior to this Mark worked for the investment property company Lend Lease in Sydney, Australia.

Having successfully completed her role in managing the sale of CATCo Investment Management Ltd. to Markel Corporation, Ly Lam will continue working for Markel CATCo as a consultant.

Tony Belisle, Chief Executive Officer of Markel CATCo Investment Management Ltd., said:

"Having worked with CATCo since it was first formed, Mark has both a detailed understanding of how the Company operates and a keen appreciation that our clients must receive the highest levels of service at all times. He is the ideal person to maintain the high standards we set for ourselves.

"Mark has continued to assume more responsibility with respect to a number of facets of our business over the years including managing relationships with our clients and shareholders. Mark will be instrumental in ensuring a seamless transition both with respect to our new ownership and in his new role as Chief Operating Officer."

For further information:

Judith Wynne

Company Secretary and General Counsel

Markel CATCo Investment Management Ltd.

Telephone: +1 441 493 9005

Email: judith.wynne@markelcatco.com

Mark Way

Chief Operating Officer

Markel CATCo Investment Management Ltd.

Telephone: +1 441 493 9003

Email: mark.way@markelcatco.com

David Benda / Hugh Jonathan

Numis Securities Limited

Telephone: +44 (0) 20 7260 1000

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