Markel CATCo InvestmentManagement Ltd. has recorded a specific loss reserve of 1% of NAV regardinglosses associated with Canadian wildfires.

The loss reserve follows discussions with the reinsurance clientsof CATCo Reinsurance Opportunities Fund Ltd. regarding the losses. Markel CATCowill continue to monitor the impact of the Canadian wildfires as information isreleased but expects any further development to be absorbed by the monthly attritionalloss reserve of 15 basis points per month.

Markel Corp.acquired substantiallyall of the assets of CATCo in December 2015 and the business operates as MarkelCATCo Investment Management.