PRIIPs Regulation Key Information Documents
PRIIPs Regulation Key Information Documents

Under the EU’s Packaged Retail and Insurance-based Investment Products (“PRIIPs”) Regulation, CATCo Reinsurance Opportunities Fund Ltd. (the “Company” or “CROF”) is required to produce a Key Information Document (“KID”) in relation to each class of shares in issue, setting out prescribed information. Currently the Company has both Ordinary shares and C shares in issue.

These shares are admitted to trading on the London Stock Exchange’s Specialist Segment. The Specialist Fund Segment (formerly the Specialist Fund Market) is a segment of London Stock Exchange's regulated Main Market and is designed for highly-specialised investment entities, such as the Company, that wish to target institutional, highly-knowledgeable investors or professionally-advised investors only.

The performance and costs disclosures contained in a KID and the methods by which they are calculated are strictly prescribed by the PRIIPs Regulation and differ from the ways in which the Company presents its own financial information. It may therefore be helpful to investors to understand these differences:

  • Performance – the KID presents stress, unfavourable, moderate and favourable performance scenarios which are derived from historic share prices with dividends reinvested (known as “Total Shareholder Return”). CROF measures its actual performance by its net asset value per share total return (“NAV Total Return”). Further information on CROF’s NAV Total Return can be found in the Monthly Insight factsheets available on this website.

  • Costs – KID presents a table of costs which incorporates items not included within CROF’s ongoing charges ratio, which is a measure of expenses prepared in accordance with guidance published by the Association of Investment Companies and broader market practice and published in CROF’s annual report and accounts. Broadly, these differences relate to CROF’s look-through share of the management costs of its underlying portfolio and certain transaction costs incurred by the Master Fund.

C shares of the Company were issued for the first time under the Initial Placing and Offer on 28 November 2017, and further tranches of C shares have been and may be issued thereafter under the Company’s Placing Programme. Accordingly, the performance and costs information shown in the KID which relates to the C shares is based on performance and costs information in relation to the Ordinary shares of the Company, which have been in existence for the one-year, three-year and five-year holding periods referred to in the relevant KID.

The purpose of a KID is to provide retail investors with standardised illustrations of theoretical risk and returns to enable the comparison of different investment products available across a very wide range of financial sectors. As mentioned above, CROF is targeted at institutional, highly-knowledgeable investors or professionally-advised investors only. CROF’s view is that CROF’s NAV total return remains the most appropriate measure of its investment policy and strategy, and the Company will therefore continue to report its actual performance on this basis, in addition to publishing KIDs.

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