Blue Capital Global Reinsurance Fund : Dividend Declaration

Blue Capital Global Reinsurance Fund Limited

15 January 2016

Dividend Declaration

Blue Capital Global Reinsurance Fund Limited (the 'Company') has declared its dividend with scrip alternative in respect of the six months ended 31 December 2015 of US$0.033 per Ordinary Share (the '2015 Second Half Dividend'). The dividend timetable will be as follows:

Ex-Dividend date: 28 January 2016

Dividend Record date: 29 January 2016

Last date to make scrip dividend election: 1 March 2016

Payment date/Allotment of scrip dividend shares: 15 March 2016

This payment of the 2015 Second Half Dividend, together with the payment of US$0.033 per Ordinary Share on 21 August 2015, is consistent with the Company's stated target of an annualised dividend of LIBOR plus 6 per cent. per annum on the original issue price of its Ordinary Shares in December 2012.

A scrip alternative is being offered with the 2015 Second Half Dividend to those qualifying shareholders who wish to receive dividends from the Company wholly or partly in the form of new Ordinary Shares or new Depositary Interests in lieu of a cash payment. A circular will be sent to qualifying shareholders explaining the terms of the scrip dividend alternative. It is intended that the circular together with scrip election forms will be mailed on or about 14 February 2016 to all qualifying shareholders on the register as at the dividend record date, being 29 January 2016. The scrip dividend elections will need to be received as instructed by 1 March 2016 from those qualifying shareholders who wish to receive Ordinary Shares or Depository Interests representing Ordinary Shares in lieu of cash. Full details of how and when to respond will be contained in the circular.

† This is a target only and not a profit forecast. There can be no assurance that the Company will make such distribution or any distribution at all.

Note: The times and dates in this announcement are expected times and dates only and are subject to change. Any such changes will be notified to shareholders through a regulatory information service.

For further information please contact:

Adam Szakmary, Chief Executive Officer [phone]

Blue Capital Management Ltd

[e-mail]