Markel Catco seek court direction
The Supreme Court will find out Wednesday afternoon just how sweet it is, the enhanced transaction terms offered by a unit of the Markel Group to buy out retrocessional reinsurance investment funds they are managing.
The funds are already in run-off, but they head back to court so that creditors can learn up what has recently transpired.
Markel Catco, appointed provisional liquidators for restructuring purposes, has reached a new settlement through an improved offer with previously unhappy investors.
The two Markel CATCo funds, the public listed CATCo Reinsurance Opportunities Fund Ltd. and the private Markel CATCo Reinsurance Fund Ltd., have now asked for a hearing as they encourage support for completion of the buyout.
Markel CATCo seeks to resolve the negotiations and wind down the retro reinsurance investment funds.
In a filing with the Bermuda Stock Exchange, CATCo Reinsurance Opportunities Fund Ltd. announced notice of a hearing seeking court directions.
The statement said that further to the Markel CATCo Investment Management Ltd. announcement of improved terms of the buy-out and proposed changes to the Schemes, and the February 11 announcement regarding the amendment of the support undertakings, the public fund and the private fund have requested that the Bermuda court schedule a direction hearing at which the court will be updated on recent developments.
The notice also advised scheme creditors of the court scheduled hearing.
The companies will later update the parties on the schemes and the process for implementation of the buy-out transaction.