Blue Capital Reinsurance declares interim special distribution amid liquidation

Blue Capital Reinsurance Holdings Ltd. announced an interim special distribution of $1.8 million, or 20 cents per fully converted common share.

The distribution will be paid Feb. 16 to shareholders of record as of Feb. 8. Blue Capital said it would announce future distributions when sufficient funds become available as the company's liquidation continues.

Blue Capital announced in July 2019 that it would pursue an orderly runoff of its liabilities and in-force portfolio after its board decided to cease active operations.

The company reported that its net assets in liquidation rose by $900,000 to $5.3 million in the fourth quarter of 2020, driven primarily by favorable loss development from events in 2017 and 2018.

Blue Capital's fully converted book value per common share was 61 cents as of Dec. 31, 2020, compared with 50 cents as of Sept. 30, 2020.