Reinsurance firm CATCo has made a near $10.9 million share issue.

The company said it had issued more than 10.67 million new C shares at a price of $1.021 “to satisfy continued investor demand and increasing demand for its reinsurance catastrophe protections.

A CATCo statement said: “The net proceeds will be invested, in accordance with the company’s investment policy, into the Market CATCo diversified fund, the master fund, and will be invested in the master fund’s portfolio alongside additional capital raised by the master fund.”

It added that an application had been made to the London Stock Exchange for the shares to be admitted to trading on its specialist fund market, with an expected start of trading on Thursday.

After admission, CATCo will have about 273.2 million ordinary shares and 102.5 million C shares, with C shareholders having the right to attend or vote at general meetings in the same way as ordinary shareholders.