IRIS Dcg Iris Stg

TIDMIRIS

RNS Number : 9039M

DCG IRIS Limited

21 July 2014

DCG IRIS LIMITED

Event Report: Flight MH17

The Company today received the following report from Credit Suisse AG ('Credit Suisse'), the investment manager of CS IRIS Low Volatility Plus Fund Limited (the 'Master Fund'), in which the Company invests substantially all of its assets.

Opinions expressed in the report are those of Credit Suisse AG.

"On 17 July 2014 a Boeing 777 operated by Malaysia Airlines crashed while flying over the area of conflict in eastern Ukraine. Flight MH17 was on its way from Amsterdam to Kuala Lumpur with 283 passengers and 15 crew members on board, none of whom survived. Malaysia Airlines said contact was lost with flight MH17 around 50 kilometers from the Russian boarder.

Our thoughts are with the families and friends of those who suffered from this tragedy.

While there is no official confirmation yet as to the reason of the crash, the current widely shared assumption is that the aircraft was hit by a surface-to-air missile launched in the region of the pro-Russian separatists. Should this be confirmed as the cause of the crash it will be classified as an act of terrorism, which also has an impact on the insurance market.

The insurance loss for the aircraft hull is currently estimated to be $97m. Liability payments for passengers could end up between $550m to $600m, which would bring total insurance losses to between $650m and $700m.

Our insurance loss estimates for aviation events have been relatively accurate in the past. As such, we believe the current estimate for this event to be a reliable early estimate based on the information currently available. The insurance loss from the Malaysia Airlines flight MH370 earlier this year is currently reported at $480m by official sources, close to the $500m we had estimated shortly after the event.

The CS IRIS Low Volatility Plus Fund, the company's master fund, has no exposure to aviation risk and therefore we do not expect an impact on performance from last week's event.

We will keep you updated of any significant developments. Please do not hesitate to contact us if you have any questions."

For further information please contact:

Dexion Capital (Guernsey) Limited

+44 (0) 1481 743940

Christopher Copperwaite

Dexion Capital plc

+44 (0) 20 7832 0900

Robert Peel

Media Enquiries:

Anthony Payne and Max Hilton

Peregrine Communications

Tel (Direct): +44 20 3178 6869 / +44 20 3178 6873

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUAUVRSNABUAR

DCG Iris (LSE:IRIS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024

DCG Iris (LSE:IRIS)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024