CATCo issues $750m worth of new shares for Reinsurance Opportunities Fund
Investment manager CATCo has announced it is to expand its London and Bermuda-based CATCo Reinsurance Opportunities Fund.
The firm says it intends to raise further equity capital through the issue of up to $750 million worth of new shares over a twelve month period by way of an initial placing and offer and subsequent placing programme.
CatCo has said that the maximum size of $750 million new shares is not a target and is intended to afford the board the flexibility to satisfy demand for new shares throughout the life of the fundraising programme.
The board of CATCo announced on 21 September that it was considering fundraising options for investment into the January 2016 portfolio after consultations with certain existing shareholders.
It has now published a prospectus that provides detail of an initial placing and offer of shares, as well as a subsequent placing programme.