Markel Catco raises another $543m
Markel Catco Investment Management Ltd has raised $543 million of new capital from a share offering.
The successful raise follows last month's raising of $1.8 billion by the Bermudian-based company, which offers collateralised reinsurance products and invests in insurance-linked securities.
Tony Belisle, chief executive of Markel Catco, said: “We are delighted with the tremendous support shown by existing and new investors for Markel Catco's specialised ILS investment opportunity.
“The fundraise will ensure the company continues to meet the growing demand from our buyers for our unique reinsurance protections.”
The company was hit hard by catastrophes in the third quarter. Last month Markel Catco said its CatCo Reinsurance Opportunities Fund had implemented loss reserves for hurricanes Harvey, Maria and Irma amounting to 20 per cent of the fund's net asset value.
Large industry losses had also “resulted in increased pricing within the retrocessional reinsurance market and, in addition, a requirement by the company for new capital”, Markel Catco said on October 2.