Blue Capital Alternative statement on Irma – “On 10 September 2017, Hurricane Irma made initial U.S. landfall near the Florida Keys, Florida as a major hurricane followed by substantial rainfall and flooding. The Investment Manager has now commenced its normal post-event procedures to estimate any loss to the Company from Hurricane Irma. The Investment Manager’s loss estimates will be largely derived from the utilization of proprietary catastrophe modeling, standard industry models, an in-depth review of in-force contracts or initial indications from clients and brokers. The actual losses from this event may ultimately differ materially from estimated losses due to the nature of the risks assumed, the complexity of the assessment of damages and the limited number of reported claims received to date. The Investment Manager will continue to monitor this event for potential material impact to the Company.”
Blue Capital Alternative Income announced on 7 September that it would be suspending its share buy back programme while it works out the potential impact to its investments from a U.S. landfall of Hurricane Irma. It had bought back 3.25m shares between 25 May 2017 and 6 September 2017 an average price of $1.04. The shares are now trading at $0.955.
BCAI : Blue Capital Alternative statement on Irma