BLUE CAPITAL ALTERNATIVE INCOME FUND LTD 3 July 2015
Blue Capital Global Reinsurance Fund Limited
Update on Merger and Resignation of Independent Accounting Firm
Further to the announcement on 1 April 2015 in relation to the proposed acquisition (the "Merger") of Montpelier Re Holdings Ltd. ("Montpelier") by Endurance Specialty Holdings Ltd. ("Endurance"), Montpelier and Endurance recently announced that each company's shareholders voted in favour of the Merger at special general meetings of shareholders held on 30 June 2015.
With effect from 30 June 2015, PricewaterhouseCoopers Ltd. ("PwC") resigned as the independent registered public accounting firm of Blue Capital Global Reinsurance Fund Limited (the "Company"). This resignation was prompted by an independence conflict of a current member of Endurance's Board of Directors and the Chair of Endurance's Audit Committee, who is also a retired PwC partner. This independence conflict is deemed to extend to the Company, following the Merger, both as a result of Montpelier's 25.1% ownership of the Company's ordinary shares and its 100% ownership of the Company's investment manager, Blue Capital Management Ltd.
There are no other matters in connection with PwC's retirement as auditors which, in the view of the Company's Board of Directors, need to be brought to the attention of shareholders
The Company expects to appoint a new independent registered public accounting firm prior to the completion of the acquisition of Montpelier by Endurance. The Company will release an announcement promptly following the engagement of a new independent registered public accounting firm.
The Merger remains subject to other customary closing conditions, including receipt of regulatory approvals. Endurance and Montpelier expect to complete the Merger early in the third quarter of 2015.
For further information please contact:
William Pollett,
President and CEO, Blue Capital Management Ltd. +1 441-299-7576
bill.pollett@bluecapital.bm
Gary Gould/Alex Collins +44 20 7029 8000
Jefferies International Limited
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