Castelnau Share Discussion Threads

[mr ashley james] 03/6/2005 10:15

Rambutan,

I thought these forecasts were pretty impressive:-

RNS Number:9681M
Catlin Group Limited
1 June 2005


CATLIN GROUP ISSUES QUARTERLY FORECASTS
FOR CATLIN SYNDICATE AT LLOYD'S

HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the
international specialist property and casualty insurer and reinsurer, has today
issued forecasts relating to the open 2003 and 2004 years of account of the
Catlin Syndicate (Syndicate 2003), which is managed by Catlin Underwriting
Agencies Limited.

The forecasts, which are set out below, are expressed as a percentage of
capacity based on figures as at 31 March 2005:

Year of Capacity Current Previous
Account (#m) Forecast Forecast
(%) (%)
2003 #500.0 13.7% - 18.7% 13.7% - 18.7%
2004 #500.0 8.8% - 13.8% No previous
forecast

The forecast for the 2004 year of account is the first forecast issued for this
open year and should be treated as preliminary as a considerable amount of
business written in the 2004 year of account remains on risk.

Catlin Group Limited provided 100% of the capacity of the Catlin Syndicate for
both 2003 and 2004.

- ends -

For more information contact:

Media Relations:
James Burcke, Head of Communications, Tel: [phone]
Mobile: [phone]
Email: [e-mail]

Investor Relations:
William Spurgin,
Head of Investor Relations, Tel: [phone]
Mobile: [phone]
E-mail: [e-mail]

Notes to editors:

1. The Catlin Group, headquartered in Bermuda, is an international specialist
property/casualty insurer and reinsurer writing more than 30 classes
of business worldwide. Catlin wrote gross premiums of US$1.43 billion and
reported record net income of US$154.1 million in 2004. Catlin shares are
traded on the London Stock Exchange (ticker symbol: 'CGL').

2. The Catlin Group operates three underwriting platforms:

* The Catlin Syndicate at Lloyd's (Syndicate 2003). The Catlin Syndicate
is the eighth largest syndicate at Lloyd's based on 2005 premium capacity
of #500 million. It is a recognised leader of numerous classes of specialty
insurance and reinsurance.

* Catlin Bermuda (Catlin Insurance Company Ltd.). Catlin Bermuda began
underwriting in 2002 and writes property treaty and casualty treaty
reinsurance and property and casualty insurance for US risks on a surplus
lines basis.

* Catlin UK (Catlin Insurance Company (UK) Ltd.). Catlin UK specialises in
writing commercial property, general liability, professional indemnity,
directors' and officers' liability and commercial crime insurance for UK
clients. It also writes other classes of business written by the Catlin
Syndicate.


All three Catlin Group underwriting platforms have been assigned 'A'
(Excellent) financial strength ratings by A.M. Best Company.

The Catlin Group also operates subsidiaries located in Houston and New
Orleans in the US, as well as in the UK, Canada, Germany, Belgium,
Singapore, Malaysia and Australia. These subsidiaries allow Catlin to
work more closely with local clients and their brokers.

3. The Catlin Group's website can be found at www.catlin.com.



This information is provided by RNS
The company news service from the London Stock Exchange

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[mr ashley james] 16/5/2005 11:15

Rambutan,

Catling Group is a beautiful chart. Nice big constant steps up.

Cheers

Ash:)

[mr ashley james] 19/4/2005 15:03

Rambutan,

Nice:)

[miamisteve] 18/4/2005 13:08

rambutan - well my timing wasn't great , but catlin fortunately has survived the bloodbath.

jp morgan - overweight - target 470p - "In our opinion , the stock is significantly undervalued compared to it's peers.....we believe concerns over reserving to be unwarranted.

ubs - neutral 2 - price target 4.00p - "we see price target as undemanding in a sector context"

smith barney - buy high risk - - price target £4.20 - " catlin continues to screen as one of the cheapest stocks in our coverage universe....(30% discount to peer group companies)

[rambutan2] 15/4/2005 17:10

miami, i like these and are on verge of buying in.
they (and ilvs in general) offer some good diversification/uncorrelated value in uncertain times.
and they not so cheap when compared to rest of ilv sector.
which three brokers and what's the gist of their reports, and do they give price targets?

regards
rambutan

[miamisteve] 14/4/2005 14:30

woops wrong thread!

Bought into catlin today having read through three broker reports. Always a little suspicious when things seem too cheap. Seems there will also be possibility of a bumper special dividend next year.

[miamisteve] 11/4/2005 23:20

1915 players at sportingbet poker now. Is this actually an amalgamation of all boss operators or just sportingbet?

[arkykra] 13/3/2005 13:26

If you're into underlying value its a great share.

5.44 P/E and a yield of 3.3%. Growth of 21% and with a positive outlook the share appears undervalued unless there is more than a couple of major catastophes this year.

The material on their website is well worth a look as it paints a picture of a company which has a clear idea of how to make money out of underwriting, not pursuing business at any cost or going into excessively risky ventures.

[theberg] 11/3/2005 12:14

Arkykra,

IMO Catlin are one of the most impressive Syndicates in Lloyd's.

To me these results prove that statement.

Berg

[arkykra] 11/3/2005 12:11

Results are out and the shares up 6% today...

Catlin Group Limited
11 March 2005


CATLIN GROUP LIMITED ANNOUNCES
PRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 2004

HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the
international property and casualty insurer and reinsurer, announces record
premium income and net income for the year ended 31 December 2004.

Financial highlights:
• Net income increased to record US$154.1 million (2003: US$127.0 million)
despite impact of exceptional hurricane losses
• Return on average equity was 19.1% (2003: 22.1%)
• Book value grew by 21.4% to US$6.30 (£3.28) per share (2003: US$5.19; £2.70)
• Gross premiums written rose to US$1.43 billion (2003: US$1.20 billion)
• Net premiums earned increased to US$1.16 billion (2003: US$844.9 million)
• Combined ratio was 89.4% (2003: 86.0%); exceptional hurricane losses added 6.5
percentage points to combined ratio
• Proposed final dividend is 15.6 US cents (8.1 pence) per share; proposed total
dividend of 23.5 US cents (12.4 pence) per share represents 23.5% of net
income

US$000 (except as indicated) 2004 2003 % change
----------------------- ---------- ---------- ----------
Gross premiums written 1,433,836 1,198,214 20%
Net premiums written 1,246,505 1,085,134 15%
Net premiums earned 1,161,110 844,947 37%
Income before income tax expense 173,942 146,350 19%
Net income 154,056 127,013 21%
Pro forma net income per share (US$) 1.08 1.03 5%
Total dividends per share (cents) 23.5 - --
Book value per share (US$) 6.30 5.19 21%
Unearned premiums 722,891 612,325 18%
Effective tax rate 11.4% 13.2% --
Combined ratio 89.4% 86.0% --
Return on average equity 19.1% 22.1% --

Operational highlights:

• Initial public offering of common shares raised $182.6 million, net of
expenses
• Strong growth of Corporate Direct and Corporate Reinsurance business segments;
31% of gross premiums written by these segments (2003: 22%)
• Positive contribution to profits from all business segments
• Successful establishment of Catlin UK, the Group's third operating platform;
US$200 million in gross premiums written in first year
• 1% increase in year on year weighted average rates reflects Group's
commitment to disciplined underwriting

Outlook:
• Unearned premiums of US$722.9 million written at favourable historic rates
• Rate reductions in January 2005 renewal season limited to 1%
• Investment income to benefit from cash and investments of almost US$2 billion
at 1 January 2005 (1 January 2004: US$1.2 billion)
• Existing book of business expected to be relatively stable
• Continued focus on generating superior return on equity through:
• Emphasis on underwriting profitability
• Value enhancing opportunities
• Active management of capital

Commenting on the Group's preliminary results, Sir Graham Hearne, chairman of
Catlin Group Limited, said:

"I am proud to announce that Catlin has produced record profits during its first
year as a publicly listed company, despite the exceptional hurricane losses
during the second half of 2004. The Group's excellent results reflect Catlin's
focus on serving clients, its commitment to underwriting profitability and the
advantages of its multi-platform structure. The total dividend of 23.5 cents
amounts to 23.5 per cent of net income for 2004 and reflects our confidence in
the current performance of the business and in its future prospects."

Chief Executive Stephen Catlin said:

"I am very pleased with the Group's 2004 performance. Our 19.1 per cent return
on average equity is an outstanding achievement, considering that the impact of
the exceptional level of hurricane losses reduced our RoE by 7.2 percentage
points.

"The 2005 renewal season has been satisfactory with only a marginal fall in
average premium rates. The Group will maintain underwriting discipline and its
focus on opportunities which enhance value. I believe we are well-positioned to
deliver superior returns for shareholders in 2005."

This summary should be read in conjunction with the detailed announcement which
follows.

[theberg] 16/2/2005 12:08

RNS Number:5989G
Catlin Group Limited
20 December 2004


CATLIN GROUP LIMITED
NOTIFICATION OF 2005 DATES

Catlin Group Limited's Preliminary Results for the year ending 31 December 2004
are expected to be announced on Friday 11 March 2005. The Annual General Meeting
will take place on Wednesday 25 May 2005 at the Group's offices at Cumberland
House, 6th Floor, 1 Victoria Street, Hamilton, Bermuda HM 11.

The Group's Interim Results for the six months ending 30 June 2005 are expected
to be announced on Monday 12 September 2005.

For more information contact:

James Burcke, Head of Communications
Tel: [phone]
E-mail: [e-mail]



This information is provided by RNS
The company news service from the London Stock Exchange

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