CATCO REINSURANCE FUND LOOKS TO ENTER RUN-OFF

ILS manager Markel CatCo has recommended the run-off of its listed CatCo Reinsurance Opportunities Fund rather than undergo a restructuring. In December, Markel CatCo said shareholders in the fund, which amassed significant losses from recent catastrophes, could have the opportunity to convert shares into redemption shares. After consulting with investors, the fund manager concluded that “a large majority” would opt for the conversion and has recommended the orderly run-off. Ordinary and C class shareholders are scheduled to vote on the proposed run-off on March 26.