Blue Capital Management
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The Sompo International manager will consider share buybacks, CEO Michael McGuire said. -
The fund incurred most of its losses in the fourth quarter.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
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The losses relate to Hurricane Michael and the 2018 California wildfires, the Sompo International subsidiary said.
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The Sompo International-managed fund’s written premium base shrank to $4.2mn.
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The asset manager said that expected losses from Hurricane Typhoon and Hurricane Florence, as well as escalating Irma losses had led to the drop in Q3 NAV.
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The typhoon is said to have hit third layers of some occurrence covers.
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Blue Capital Reinsurance Holdings expects $10.2mn of losses in Q3 resulting from Irma loss creep, Florence and Jebi.
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The Bermuda-based company said a smaller capital base and greater cessions to third-party reinsurers led to the decrease.
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Some 78.6 percent of investor votes were cast, of which 97.7 percent were in favour of the wind-up.
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The fund has made a 0.7 percent loss in the first half.
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A vote over winding up the London-listed fund is due to be held in July.
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