Till Capital Enters into First Reinsurance Policy
Hamilton, Bermuda (FSCwire) - Till Capital Ltd. (TSX.V: TIL) (the “Company” or “Till Capital”) is pleased to announce that Resource Re Ltd., a wholly-owned subsidiary of Till Capital, has entered into its first reinsurance policy. The pro-rata share of the policy, arranged through Multi-Strat Re Ltd. (“MultiStrat Re”), provides the Company USD $5.05 million of net premium with a claim liability cap of USD $6.49 million. This policy adheres to Till Capital’s reinsurance strategy focused on a portfolio of property and casualty and liability risks with above average frequency, low severity claim risks with capped liabilities.
“We are pleased to have signed our first policy which represents a critical milestone for the Company,” said William M. Sheriff, Chairman and CEO of Till Capital. “We continue to work on additional policies noting all premiums will be managed within our current investment strategy.”
Till Capital previously announced it retained MultiStrat Re (Till Capital News Release August 11th, 2014) to provide underwriting services and assist in the Company's growth. Barriers to entry are a critical factor in limiting access to the reinsurance sector, often requiring start-up capital in excess of $250 million or more. Working within the MultiStrat Re platform, Till Capital gains entry to the reinsurance market at an earlier stage with less upfront capital while providing the opportunity to grow its reinsurance business over time.
Till Capital Ltd.
Till Capital is a Bermuda-domiciled company and its wholly-owned subsidiary, Resource Re Ltd., is a Bermuda-domiciled reinsurance company regulated by the Bermuda Monetary Authority with a Class 3A reinsurance license. Through its regulated subsidiaries, the Company has been structured to produce underwriting profits from reinsurance policies as well as above average returns on assets under management.
For additional information:
Till Capital Ltd.
William M. Sheriff
Chairman and Chief Executive Officer
(208) 635 5415
info@tillcap.com www.tillcap.com
Cautionary Note
At this time, the Company has no current plans to provide earnings guidance due to the volatility of investment returns.
The Till Capital shares are restricted voting shares, whereby no single shareholder of Till Capital is able to exercise voting rights for more than 9.9% of the voting rights of the total issued and outstanding Till Capital shares (the 9.9% Restriction”). However, if any one shareholder of Till Capital beneficially owns, or exercises control or direction over, more than 50% of the issued and outstanding Till Capital shares, the 9.9% Restriction will cease to apply to the Till Capital shares.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Till Capital or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Trading in the securities of Till Capital should be considered speculative.
Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Bermuda Monetary Authority accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “except”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” occur. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Till Capital assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/TillCapitalFeb172015.pdf
Source: Till Capital Ltd. (TSX Venture:TIL) http://www.aubullion.com
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2015 Filing Services Canada Inc.