Markel Catco
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The capital being returned to shareholders is part of a compulsory partial redemption. -
The manager is hopeful of closing all contracts by the end of 2024.
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The fund has nine open contracts it is actively trying to run-off, four years after its failure.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The partial redemption values Ordinary Shares at $3.33 and C Shares at $17.50.
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Markel Catco reported a small gain for its February result on 2019 side pocket releases, ahead of its early buyout of investors.
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Commutation negotiations continue on the book of underlying contracts written by the retro fund.
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Markel CatCo’s buyout transaction closed 28 March, as the firm prepares to pay out $106mn of remaining value to shareholders in its public fund.
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The catastrophe bond is the fourth in the series for reinsured NCIUA
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.
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Subject to court approvals the buyout should be complete by the end of this month.
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