Fund Overview

CATCo Reinsurance Opportunities Fund Ltd. (the “Company”) is a limited liability closed-ended fund, registered and incorporated as an exempted mutual fund company in Bermuda on 30 November 2010.

The Company is organised as a feeder fund and will invest all of its investment proceeds directly in Markel CATCo Reinsurance Fund Ltd. - Diversified Fund (the “Master Fund”). The Company is publicly listed on the London and Bermuda Stock Exchanges.

The Master Fund is a segregated account of Markel CATCo Reinsurance Fund Ltd. (the “Master Fund SAC”) which is an open-ended mutual fund company of unlimited duration incorporated with limited liability under the Companies Act 1981 of Bermuda, as amended, on 23 July 2010 and registered as a segregated account company under the Segregated Accounts Companies Act 2000, as amended (the “SAC Act”). Markel CATCo Reinsurance Fund Ltd. is authorised by the Bermuda Monetary Authority and classified as an Institutional Fund under the IFA 2006.

Investment Objective

Up to 26 March 2019, CATCo Reinsurance Opportunities Fund Ltd. (the “Company”) aimed to achieve efficient capital management and income through a balanced portfolio of global catastrophic reinsurance risk protections. From the Company’s inception to 31 December 2018, the Company targeted an annual dividend of LIBOR plus 5 per cent of Net Asset Value. Subsequently, the Company has elected to redeem all of its shares in Markel CATCo Diversified Fund (the “Master Fund”) which is a segregated account of Markel CATCo Reinsurance Fund Ltd. (the “Master Fund SAC”) as of 30 June 2019, as approved by the Ordinary Shareholders and C Shareholders at class meetings of those Shareholders held on 26 March 2019. The Company intends to distribute the net proceeds of the redemption of these shares (after payment of any costs and save for any amount required for reserves in respect of anticipated liabilities and for working capital purposes) to Ordinary Shareholders or C Shareholders (as the case may be). The timing and amount of each distribution will be at the Company’s discretion.

The Investment Manager announced on 25 July 2019 that it will cease accepting new investments in Markel CATCo Reinsurance Fund Ltd (“MCRF”) and will not write any new business going forward through the Reinsurer. The Investment Manager will commence the orderly run-off of the Reinsurer’s existing portfolio, which is expected to take approximately three years. As part of this run-off, MCRF will return capital to its investors, including the Company.