Blue Capital Reinsurance Holdings Ltd. Announces Run-Off
The Company will remain exposed to the performance of its underlying in-force reinsurance treaties and the future release of collateral held in trust under the terms of underlying expired reinsurance treaties during the run-off of its business. Accordingly, the amount to be received by shareholders and the timing of those receipts will be dependent on the performance of those underlying in-force treaties among other factors, including applicable regulatory approvals for such distribution. The timing and ultimate amount of special distributions could ultimately be materially adversely impacted by unforeseen events and the ultimate development and settlement of existing losses and loss adjustment expenses.
Commenting on today’s announcement,
The Company intends to delist its common shares from the
Following delisting and deregistration, the Company believes that its common shares will continue to be quoted on the OTC Pink, a centralized electronic quotation service operated by the OTC Markets for over-the-counter securities. However, the Company can give no assurance that trading in its common shares will continue in the future on the OTC Pink, on any securities exchange, or in any other quotation medium. Further, as a non-listed company, the Company’s common shares may be subject to transfer restrictions, including exchange control requirements in
About Blue Capital
Phone: +1 441 278 0988
Phone: +1 44 (0)20 7554 1800
Safe Harbor for Forward-Looking Statements
Some of the statements in this press release may include, and the Company may make related oral forward-looking statements which reflect our current views with respect to future special distributions and financial performance. Such statements may include forward-looking statements with respect to future special distributions, our run-off financial performance and the insurance and reinsurance sectors. Statements that include the words “should,” “would,” “expect,” “estimates”, “intend,” “plan,” “believe,” “project,” “target,” “anticipate,” “seek,” “will,” “deliver,” and similar statements of a future or forward-looking nature identify forward-looking statements in this press release for purposes of the U.S. federal securities laws or otherwise. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.
All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or may be important factors that could cause the timing and amount of special distributions and the Company’s run-off performance to differ materially from those indicated in the forward-looking statements. These factors include, but are not limited to, the amount that the Company will be required to reserve to provide for the Company’s contingent liabilities and obligations, the expenses that the Company will incur during the winding up, including general administrative and overhead costs and legal and auditing expenses, the ability of the Company to favorably resolve any litigation that may be commenced against the Company in connection with its winding up and ultimate liquidation, the tax treatment of special distributions, the delisting of the Company’s common shares in connection with the winding up, greater frequency or severity of claims and loss activity, uncertainties in our reserving process, changes to our tax status, credit risk related to our broker counterparties, assessments for high risk or otherwise uninsured individuals, possible terrorism or the outbreak of war, a loss of key personnel, political conditions, changes in insurance regulation, operational risk, including the risk of fraud and errors and omissions, as well as technology breaches or failure, changes in accounting policies, our investment performance, the valuation of our invested assets, a breach of our investment guidelines, potential treatment of us as an investment company or a passive foreign investment company for purposes of U.S. securities laws or U.S. federal taxation, respectively, our dependence as a holding company upon dividends or distributions from our operating subsidiaries, the unavailability of capital in the future, developments in the world’s financial and capital markets, government intervention in the insurance and reinsurance industry, illiquidity in the credit markets, changes in general economic conditions and other factors described in our Annual Report on Form 10-K for the year ended December 31, 2018 and our Current Report on Form 8-K dated
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent report on Form 10-K, our Current Report on Form 8-K dated
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Source: Blue Capital Reinsurance Holdings