Resignation and appointment of chairman

RNS Number : 2938Q

CATCo Reinsurance Opps Fund Ltd

05 November 2012

 



CATCo Reinsurance Opportunities Fund Ltd. ("the Company")

Director changes

To: SFM, London Stock Exchange and Bermuda Stock Exchange

Date: 5 November 2012

The Board of Directors of the Company (the "Board") wish to announce that Mr Anthony Taylor, Chairman and non-executive director, has resigned from the Board with effect from today.

Mr Taylor had advised the Board that his business interests included an involvement with a small but growing portfolio of collateralised reinsurance businesses that had the potential to clash with the specialty reinsurance portfolio of the Company. Accordingly, in order to avoid any future, actual or perceived, conflict of interest he has today resigned from his appointments with the Company.

Mr Taylor commented that "I am pleased to have played a role in the launch and evolution of the Company, and I wish continued success to the CATCo directors and management team."

As a result of Mr Taylor's resignation, the Board wish to announce the appointment of Mr Nigel Barton as Chairman and non-executive director of the Company effective today.  

Mr Barton has extensive insurance and reinsurance experience having working in the industry for 35 years. From 2002 to 2011, he was the founder and Chief Executive Officer of Oxygen Holdings plc, a specialist insurance broking business based in London, United Kingdom. Between 1984 to 2002, Mr Barton was a director of DP Mann Holdings Ltd ("DP Mann"), a Lloyds Managing Agency, which was acquired by General Reinsurance Corporation/Berkshire Hathaway Inc. in 1998. After DP Mann had changed its name to Faraday Underwriting, Mr Barton had the role of Director of Underwriting, and then ultimately Chief Executive Officer. From 1976 to 1984, Mr Barton worked at Marsh, a global leader in insurance broking, where his focus was on catastrophe reinsurance and retrocession classes.

Mr. Barton holds a Masters in Business Administration, and has performed various executive and non-executive committee and director appointments within the Lloyds of London market. He is a non-executive director of CRS Yachts, a specialist insurance broker exclusively servicing the superyacht owner and industry.

Commenting on the appointment, Alastair Barbour, non-executive director, said:
"Given Nigel's substantial experience and knowledge of the insurance and reinsurance industry, the Board are delighted that someone of his calibre is joining the Board of Directors. He will be a valuable addition to the Board of Directors."

For further information, please contact:

Jason Bibb

CATCo Investment Management Ltd                        

Telephone: [phone]

Email: [e-mail] 

David Benda / Hugh Jonathan

Numis Securities Limited

Telephone: [phone]

John Whiley

Prime Management Ltd

Tel: [phone]

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