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Blue Capital - Catastrophe Announcement

Blue Capital Alternative Income Fund Limited (in liquidation) (the "Company")

14 August 2020

Aggregate Catastrophe Loss

The Company today announced the notification of an aggregate catastrophe loss related to 2017 catastrophe events.  In August 2020, ISO's Property Claims Service revised upwards their industry loss estimate for Hurricane Irma, which occurred in 2017.  The increase in the Hurricane Irma industry loss estimate, when aggregated with other 2017 loss events, triggered an Industry Loss Warranty ("ILW") issued by the Company in 2017.  The purchaser of the ILW notified the Company of the claim and subsequently withdrew funds from the related trust account.  The Company's loss related to the ILW was $3.9 million, or $0.022 of net asset value per share, and will be fully recognized as a reduction in net asset value when the Company reports its 30 September 2020 net asset value.  While the loss represents a significant portion of the remaining net asset value as of 30 June 2020, the loss represented only 1.9% of the Company's Ordinary Share net asset value as of 1 January 2017 when the contract was written. 

Enquiries:


Blue Capital Management Ltd.

 +1 441 278 0988

Email: investorrelations@Sompo-Intl.com

 
   

KPMG Advisory Limited

 +1 441 295 5063

Mark Allitt – Joint Liquidator

 

Mike Morrison – Joint Liquidator

 

 

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