Item 7.01
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Regulation FD Disclosure.
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On July 25, 2019, Blue Capital Reinsurance Holdings Ltd. (the
Company
) issued a press release announcing that, after
considering strategic alternatives, its Board of Directors has decided to cease the Companys active operations and pursue an orderly
run-off
of the Companys liabilities and
in-force
portfolio and return capital to shareholders as the Company winds up its operations. As and when capital becomes available after settlement of existing liabilities and expenses, and in accordance with
all applicable regulatory requirements, the Company expects to declare special distributions to shareholders as it winds up its affairs and operations. The Company currently expects, based upon managements best available estimates, that 20% of
its existing shareholders equity as of June 30, 2019 will have been distributed or will become available for distribution in the remainder of 2019, 65% will become available for distribution in 2020 and 15% will become available
subsequent to 2020. The Company expects the first of these special distributions to be declared on or about August 30, 2019.
The
Companys press release dated July 25, 2019 furnished as Exhibit 99.1 to this Current Report on
Form 8-K
is incorporated by reference herein.
In accordance with general instruction B.2 of Form
8-K,
the information in this Item 7.01 of this
Current Report on
Form 8-K,
including exhibits, furnished pursuant to Item 7.01 shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the
Exchange Act
), or otherwise subject to the liability of that section. Accordingly, the information in Item 7.01 of this Current Report on Form
8-K
will not be incorporated
by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current
Report on Form
8-K
is not intended to, and does not, constitute a determination or admission by the Company that the information in this Current Report on Form
8-K
is
material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or any of its affiliates.
Safe Harbor for Forward-Looking Statements
Some of the statements in this Current Report on Form
8-K
may include, and the Company may make related
oral forward-looking statements which reflect our current views with respect to future special distributions and financial performance. Such statements may include forward-looking statements with respect to future special distributions, our
run-off
financial performance and the insurance and reinsurance sectors. Statements that include the words should, would, expect, estimates, intend,
plan, believe, project, target, anticipate, seek, will, deliver, and similar statements of a future or forward-looking nature identify forward-looking
statements in this Current Report on Form
8-K
for purposes of the U.S. federal securities laws or otherwise. The Company intends these forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements in the Private Securities Litigation Reform Act of 1995.
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