Emergency services personnel remove a body from the site of the CTV building where 48 students and staff, including scores of Asian students, are feared buried in Christchurch on February 24, 2011, two days after a deadly earthquake rocked New Zealand's second city killing at least 98 people and leaving hundreds missing. *AFP photo
Emergency services personnel remove a body from the site of the CTV building where 48 students and staff, including scores of Asian students, are feared buried in Christchurch on February 24, 2011, two days after a deadly earthquake rocked New Zealand's second city killing at least 98 people and leaving hundreds missing. *AFP photo

It took a long time to get here, but CATCo was finally able to resolve issues regarding the Japan and New Zealand earthquakes in 2011.

On August 2, 2012 the board for CATCo “announced that it had declared a distribution to Ordinary Shareholders of any proceeds it received in connection with that part of its investment in CATCo Diversified Fund, a segregated account of CATCo Reinsurance Fund Ltd.  It was exposed to potential losses arising from the Master Fund’s investment in reinsurance contracts linked to the New Zealand earthquake.

A spokesperson said in a release: “There remains no further liability associated with the New Zealand earthquake as this loss was representative of the company’s side pocket investment.

“However, with regard to the Japan earthquake, any payment of any Distribution was conditional upon the Company receiving the proceeds from the Master Fund in relation to this exposure.

“ Following negotiation, a full and final commutation has been agreed with the counterparty holding that reinsurance contract. 

As a result, the board of directors declare a contingent distribution to Ordinary Shareholders of $0.02887 cent per share. The distribution will have a record date of 10 August 2012 and an associated ex-dividend date of 8 August 2012. The Distribution will be paid on 24 January 2014. This represents a 3.0% restated capital return for the year to 31 December 2011.” 

Ironshore

Ironshore’s US Specialty Casualty unit is offering a coverage solution for US-based companies with overseas operational risk exposure.  Ironshore International Connect will provide excess casualty coverage for US companies’ overseas operations on a locally-admitted basis, which is designed to be compliant with market rules and regulations. 

Arden ratings withdrawn

AM Best Co. has removed from under review with negative implications and affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Arden Reinsurance Company Ltd. (Arden Re) (Bermuda). The outlook assigned to both ratings is stable. 

Concurrently, A.M. Best has withdrawn the ratings in response to management’s request to no longer participate in A.M. Best’s interactive rating process. 

Arch results

Arch Capital Group Ltd. announced that it expects to release its 2013 fourth quarter results after the close of regular stock market hours on Tuesday, February 11, 2014. 

The company will hold a conference call for investors and analysts at noon Atlantic Time on Wednesday, February 12, 2014.