Castelnau Share Discussion Threads

[bpoole] 16/2/2007 09:17

Strong support at 490. Should have a strong move up soon.

[irenekent] 09/2/2007 10:11

Share price goes down every day. Don't think the city is very impressed.

[miamisteve] 08/2/2007 18:00

Weakening dollar and florida reinsurance program have lessened the value in the wellington takeover. (Catlin keep most of their reserves in sterling denominations.) Had they not made the takeover I'd imagine this would be pushing £6 now.

Still will get there, only now once the markets get evidence that the takeover is delivering. 6 months

[ursus] 03/1/2007 17:04

well the takeover went through and i reckon that wellington was picked up on the cheap - cgl holders (like me) will benefitr from the improving back yrs as well as from catlin's own bumper 2006. or so i hope....

rerating soon?

[miamisteve] 31/10/2006 18:27

It seems the main cost saving will be relocating wellingtons underwriting to Bermuda and reducing tax liability.

[aliwal] 31/10/2006 18:24

My gut feel is that Catlin has got Wellington on the cheap. My intention will be to take as many Catlin shares as I'm permitted.
Wellington, under Avery, lost its way and significant underwriting talent in Agnew, Dumas and Taylor. It is doubtful if any of those 3 had still been there that Wellington would have been as over reliant on the catastrophe modelling as they were for 2005.
The sweetener, 50p per £ of capacity or 40p per £ plus a share on a new syndicate to u/w write a quota share of 2003 for 2007 and 2008, to Names is adequate not fantastic.

[a77] 30/10/2006 08:21

The sweetener offered to the names must have been fantastic.

[miamisteve] 30/10/2006 07:32

With the 34% dilution and the $70m of cost synergies I estimate that this deal will deliver an 18% upside to future earnings. Perhaps 10% of that we will see on the share price as the merits of the deal are digested over the next week.

[a77] 28/10/2006 17:10

MS reckon its a takeover - 6:4.

- Main sticking point - it'll be conditional on buying out the names who provide around a third of the underwriting capacity for Wellington's syndicate.

Seems like a good deal for Catlin @

[miamisteve] 25/10/2006 14:33

a77 - I don't think it is. this sounds like a merger and catlins equity is the cheapest in the sector. Would be happy if it all 'blows' over and the company rerates post hurricane season.

[a77] 24/10/2006 15:46

Takeover obviously considered earnings enhancing.

[a77] 24/10/2006 15:45

Credit Suisse Lifts Catlin Target

Tuesday, October 24, 2006 5:03:42 AM ET
Dow Jones Newswires



0750 GMT [Dow Jones] Credit Suisse lifts Catlin (CGL.LN) target to 592p from 530p. Expects strong earnings in 06 and highlights fact that Catlin has reduced its catastrophe exposure by one third this year. But CS says the company's still high exposure to reinsurance means it will continue to benefit from elevated pricing. CS sees the corporate operations, particularly in the US, as a major source of growth. Reiterates outperform rating. Shares +1.6% at 495p. (KHO)

[miamisteve] 20/9/2006 10:18

Watched the chaucer webcast a few days back. They listed catlin as the lowest valued listed insurer.

[miamisteve] 07/6/2006 07:17

underwriting up 10%, premiums up 9%.

Just have to see through the hurricane season before the sector rerates.

[me me] 24/11/2005 11:50

What a nice looking chart

[mr ashley james] 30/6/2005 11:34

Rambutan,

Another Pennant Forming.

Cheers

Ash:)o

[rambutan2] 24/6/2005 00:43

fair comment ash.

[mr ashley james] 23/6/2005 20:58

Rambutan,

No such thing in Equities as a safe play, people thought Marconi was a safe play, buy low sell high is my Motto.

However with Steve Catlin, Paul Brand etc you have true professionals you are in a safe pair of hands, IMO some of the best underwriters in Lloyds.

Cheers

Ash:)

[mr ashley james] 08/6/2005 12:12

Rambutan,

I come to

2003 £68.50m to £93.50m
2004 £44m to £69m

8.80% to 13.80% Still beats LIBOR 4.75% by a mile.

Cheers

Ash:)

[rambutan2] 03/6/2005 16:00

yes, agree ash.