Blue Cap fund sees NAV rise

Blue Capital Global Reinsurance Fund, the reinsurance fund managed by Montpelier Re subsidiary Blue Capital Management, has reported a 1 percent increase in its net asset value (NAV) for the first half of 2014.

The London Stock Exchange listed reinsurance fund posted total assets of $187.2 million with $179.5 million invested in the master fund, compared with $152.4 million and $148 million invested in the master fund in the first half of 2013.

Its ordinary shares traded at an average premium to their NAV of 3 percent.

John Weale, chairman, said: “Looking ahead to the second half of the year, while little direct reinsurance will be bound prior to the January renewals, Blue Capital Management will continue to look for opportunities to improve our portfolio and position us for the upcoming renewal season.

“The company is pleased with the diversified portfolio that the investment manager has created, which has attractive risk-adjusted return characteristics, consistent with the investment objectives.”