Markel CATCo Buy-Out Transaction

Chapter 15 Cases

On October 5, 2021, the Joint Provisional Liquidators as authorized foreign representatives (the “Foreign Representatives”) of the debtors listed below (the "Debtors") commenced cases under chapter 15 of the U.S. Bankruptcy Code (the “Chapter 15 Cases”) in the U.S. Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”), seeking recognition of the Debtors' liquidation proceedings (the "Provisional Liquidation Proceedings") and proposed schemes of arrangement (the "Schemes" and together with the Provisional Liquidation Proceedings, the "Bermuda Proceedings") in Bermuda. The purpose of the Chapter 15 Cases is to obtain recognition of the Bermuda Proceedings in the United States to ensure that the proceedings are given full force and effect in the United States and no party is allowed to undermine a well-supported, court-sanctioned transaction.

On November 4, 2021 the U.S. Bankruptcy Court entered an order recognizing the Bermuda Proceedings as foreign main proceedings, such that the automatic stay and selected other provisions of the U.S. Bankruptcy Code have taken effect within the United States.

On March 16, 2022, the U.S. Bankruptcy Court entered an order enforcing the Schemes in the United States.

Key Dates

· October 5, 2021

o JPLs file chapter 15 application for recognition of foreign proceedings

· November 4, 2021 at 10:00 a.m. (Eastern Time)

o Chapter 15 recognition hearing date

· March 16, 2022 at 10:00 a.m. (Eastern Time)

o Chapter 15 enforcement motion hearing date

Key Parties

Lead Debtor Case Number	Debtor	Filing Date
21-11733	Markel CATCo Reinsurance Fund Ltd.	October 5, 2021

Related Debtors Case Numbers
21- 11734	CATCo Reinsurance Opportunities Fund Ltd.	October 5, 2021
21-11735	Markel CATCo Investment Management Ltd.	October 5, 2021
21-11736	Markel CATCo Re Ltd.	October 5, 2021

Foreign Representatives:

Simon Appell of AlixPartners UK LLP

John C. McKenna of Finance & Risk Services Ltd.

Counsel to the Foreign Representatives:

SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP

Lisa Laukitis

One Manhattan West

New York, New York 10001

Telephone: (212) 735-3000

Fax: (212) 735-2000

– and –

Justin M. Winerman

Anthony R. Joseph

155 North Wacker Drive

Chicago, Illinois 60606-1720

Telephone: (312) 407-0700

Fax: (312) 407-0411

SKADDEN, ARPS, SLATE, MEAGHER & FLOM (UK) LLP
Peter Newman

40 Bank Street

Canary Wharf
London E14 5DS

Telephone: +44 20 7519 7000

Fax: +44 20 7519 7070

Court:

United States Bankruptcy Court

Southern District of New York

Judge Lisa G. Beckerman

One Bowling Green

New York, NY 10004

www.nysb.uscourts.gov

U.S. Trustee:

Shannon Anne Scott

Trial Attorney

U.S. Department of Justice

Office of the United States Trustee

U.S. Federal Office Building

201 Varick Street, Suite 1006

New York, NY 10014

212-510-0500 ext. 222

212-668-2255 fax

Disclaimer:

In connection with the joint provisional liquidations of Markel CATCo Investment Management Ltd., Markel CATCo Reinsurance Fund Ltd. (Private Fund), CATCo Reinsurance Opportunities Fund Ltd. (Public Fund) and Markel CATCo Re Ltd. (collectively, the Companies), AlixPartners has agreed to disclose Information to investors and creditors (Receiving Parties) in relation to the Schemes of Arrangement of the Public Fund and Private Fund, Joint Provisional Liquidations, and the Chapter 15 Proceedings of the Companies.
Information means all information that AlixPartners discloses or makes available to Receiving Parties, including, without limitation, information which is confidential and proprietary to the Companies or otherwise not generally available to the public and which includes among other things, documents, files, reports and other written or electronic information and data relating to the Companies, Schemes of Arrangement, Joint Provisional Liquidations, or the Chapter 15 Proceedings.
AlixPartners nor their advisers has made or makes any representation or warranty to the accuracy or completeness of any Information provided or any other information supplied or as to the reasonableness of any assumptions on which any of the same is based (and there is no obligation on AlixPartners or any of its representatives to update or correct such information) and the Receiving Parties agree, on behalf of itself and its representatives, that neither AlixPartners nor any of its representatives shall have any liability to the Receiving Parties, or to any of its representatives, resulting from the use of the Information or any other information supplied


DATA ACCESS AGREEMENT “In connection with the joint provisional liquidations of Markel CATCo Investment Management Ltd., Markel CATCo Reinsurance Fund Ltd. (Private Fund), CATCo Reinsurance Opportunities Fund Ltd. (Public Fund) and Markel CATCo Re Ltd. (collectively, the Companies), AlixPartners has agreed to disclose Information to investors and creditors (Receiving Parties) in relation to the Schemes of Arrangement of the Public Fund and Private Fund, Joint Provisional Liquidations, and the Chapter 15 Proceedings of the Companies. Information means all information that AlixPartners discloses or makes available to Receiving Parties, including, without limitation, information which is confidential and proprietary to the Companies or otherwise not generally available to the public and which includes among other things, documents, files, reports and other written or electronic information and data relating to the Companies, Schemes of Arrangement, Joint Provisional Liquidations, or the Chapter 15 Proceedings. AlixPartners nor their advisers has made or makes any representation or warranty to the accuracy or completeness of any Information provided or any other information supplied or as to the reasonableness of any assumptions on which any of the same is based (and there is no obligation on AlixPartners or any of its representatives to update or correct such information) and the Receiving Parties agree, on behalf of itself and its representatives, that neither AlixPartners nor any of its representatives shall have any liability to the Receiving Parties, or to any of its representatives, resulting from the use of the Information or any other information supplied”
Accept