Directors Dealing

CATCo Reinsurance Opportunities Fund Ltd.

Directors Dealing

To: SFM, London Stock Exchange and Bermuda Stock Exchange 16 December 2011

CATCo Reinsurance Opportunities Fund Ltd (the "Company") was informed today that, on 16 December 2011, James Keyes acquired 47,528 C-shares (CATC.L) at a price of $$1.052 per C-Share.

Following this purchase, Mr Keyes has an interest of 47,528 shares, representing 0.0014 per cent. of the issued share capital of the Company.

For further information, please contact:

Jason Bibb

CATCo Investment Management Ltd

Telephone: +1 441 531 2227

Email: jason.bibb@catcoim.com

Mark Way

CATCo Investment Management Ltd

Telephone: +44 7786 116991

Email: mark.way@catcoim.com