Catco plans $35mn pay-out for investors

Retro writer Catco plans to return about $35mn to investors in
its London-listed Reinsurance Opportunities Fund, reducing its
market capitalisation by about 10 percent.

The fund manager said today (5 January) that after another clean
year of no significant losses, the fund's net asset value had
benefitted from roughly $0.14 per share of net premiums earned
throughout the year.

It had redeployed its capital during the 1 January renewals at
rates above its target of 12-15 percent above Libor