Markel CATCo to “vigorously defend” investor challenges

Markel CATCo to “vigorously defend” investor challenges

Markel CATCo Investment Management acknowledged the hold-up to the buyout procedure for its retrocessional reinsurance financial investment funds today, but stated that any difficulties from investors would be intensely safeguarded against.We reported yesterday that the buy-out process for its retrocessional reinsurance investment funds was set to drag out, after a court look in Bermuda ended with Markel concurring to supply extra details to financial institutions.
Markel CATCo validated this today, saying that at the Bermuda hearing, “the Court got in an order agreed with the Funds that adjourned the Scheme Convening Hearing to 7 December 2021.”
We explained in our article that we comprehended this would drag the procedure into 2022.
” As an outcome of the adjournment of the Scheme Convening Hearing, the timeline for closing of the Buy-Out Transaction will unavoidably be extended and it is anticipated that closing and associated circulations should happen throughout the very first quarter of 2022,” the investment supervisor also verified.
Since today, the Extended Early Consent Deadline that Markel CATCo had offered to investors in the retro reinsurance funds, when it upgraded and enhanced the buyout terms, has actually now passed.
Support is strong for the buyout it appears, with Markel CATCo now reporting that financiers representing 92% of the personal fund, the Markel CATCo Reinsurance Fund Ltd. and investors representing 96.5% of the listed and public CATCo Reinsurance Opportunities Fund Ltd. have actually provided their support for the proposed buy-out terms.
It is a considerable percentage, but there remain obstacles to the procedure.
At the next hearing in Bermuda, now arranged for December 7th, Markel CATCo said that there is a small group of financiers in the personal fund that “intend to bring challenges at the Scheme Convening Hearing.”
Markel CATCo stated that it, and the funds, “believe that there are robust arguments versus these difficulties and mean to vigorously defend the Schemes.”
Also read:
— Markel CATCo buyout process facing challenges as court calls for more information.
— Updated Markel CATCo buyout could provide 18.5% more to retro financiers.
— Pension Insurance Corp states to decrease modified Markel CATCo buyout offer.
Investor terms improved in Markel CATCo buyout.
— Judge grants Markel CATCo Chapter 15 insolvency relief.
— Markel CATCo buyout proposal challenged by Pension Insurance Corporation (PIC).
— Markel CATCo in bankruptcy filing. Danish pension PKA revealed major holder.

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