Share Name Share Symbol Market Type Share ISIN Share Description
Catco Reins. LSE:CAT London Ordinary Share BMG1961Q2095 ORD USD0.00013716 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $0.6175 $0.605 $0.63 - - - 0 05:30:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -8.2 0.0 - 241.85

Catco Reins. Share Discussion Threads

Showing 1251 to 1275 of 1275 messages
Chat Pages: 51  50  49  48  47  46  45  44  43  42  41  40  Older
DateSubjectAuthorDiscuss
17/8/2018
18:33
Did Buffett say this...I think not! Berkshire Hathaway didn’t lose their shirt.
topvest
17/8/2018
18:31
Yes, made me laugh as well. If they think last year was in 200 year event, then maybe they need to revisit their models. From a non-technical perspective felt more like 1 in 20 or 1 in 50 year event to me! Doesn’t help their credibility.
topvest
17/8/2018
07:57
Yes, I spotted that, too. All this stuff is based on a Normal distribution model, but the tails are clearly getting fatter through climate change effects. The modellers haven't produced any new models to fit these, as there isn't the statistical data ove enough years. There seems to be a consensus that 2018 will be quiet for US windstorms, as mid-Atlantic has been unusually cool. (Surprising!)
jonwig
17/8/2018
07:20
You just can't make up comments like this: "...It is important to keep the broader context of this truly significant loss year in mind. First, the modeled probability of a c. -40% annual performance was a c.1-in-200 year likelihood with respect to the 2017 portfolio. As the Investment Manager has significantly improved contract terms in 2018, this level of modeled loss is now expected to occur c. 1-in-700 years. " 2017 portfolio was down 41%, in case anyone needs reminding. Reminded very much of the 2008 stockmarket falls bringing down the banks - "Six sigma event/ those falls wouldn't happen in our models even if the universe ran twice".
spectoacc
20/7/2018
15:55
@ Divmad - only BCAI, which I think is planning to go into run-off despite not being hit so hard as CAT.
jonwig
20/7/2018
14:48
Are there any other listed reinsurers that offer attractive valuations and yield, Jonwig? I'm new to this sector but interested in low market beta opportunities around, at very cheap valuations/large discounts to NAV.
divmad
20/7/2018
14:44
Thanks Jonwig. I suppose the legacy claims are containable, or discounted, then, seeing as the Investment Manager has bought a tidy amount of both classes.
divmad
20/7/2018
14:26
@ Divmad - different portfolio exposure! CAT is still exposed to unresolved claims from 2017 windstorms, etc. CATC is clean of such legacy things - new contracts only.
jonwig
20/7/2018
14:17
Why is there a differential between the Ordinary and C Ordinary Depositary Receipts here please?
divmad
19/7/2018
16:15
The (eventual) d buying has done it no harm, & weaker £ hasnt' hurt either. Not sure at what point I'm a seller again.
spectoacc
05/7/2018
16:50
This article says: "The northern hemisphere has been hit by extreme heat over the past two weeks, with record-breaking temperatures recorded in the US, Canada, Europe and the Middle East." Https://www.ft.com/content/693c4666-803e-11e8-bc55-50daf11b720d An accompanying map shows also very high temperatures across north Africa. Hurricanes begin as hot air over the mid-Atlantic and, although there's nothing in the article to say so, I'd have thought we're in the precursor of an active season - began on 1 June. However, consensus suggests otherwise, "a quiet season": Https://eu.usatoday.com/story/news/nation/2018/07/03/hurricane-season-2018-forecast/755215002/ More recent: Http://fortune.com/2018/07/05/2018-hurricane-season-forecast-revision/
jonwig
22/6/2018
14:41
Acquisition of Share Interests by CEO of Investment Manager To: SFS, London Stock Exchange and Bermuda Stock Exchange Tony Belisle, Chief Executive Officer of Markel CATCo Investment Management Ltd., the Company's Investment Manager, purchased 500,000 Depositary Interests in Ordinary Shares of the Company at $0.56 per share, on 21 June 2018. During the period from 16 May 2018 to 21 June 2018, Mr Belisle has purchased, in total, 2,000,000 Depositary Interests in Ordinary Shares of the Company and 500,000 Depositary Interests in C Shares of the Company.
spectoacc
19/6/2018
06:49
Suggests yet another d/g to NAV possible I guess. I've not bought the C's, really want them at a discount!
spectoacc
18/6/2018
14:38
Interesting he chose the C rather than the Ord at 20% discount to NAV
jimcar
18/6/2018
07:24
"Tony Belisle, Chief Executive Officer of Markel CATCo Investment Management Ltd., the Company's Investment Manager, purchased 500,000 Depositary Interests in C Shares of the Company at $1.01 per share, on 15 June 2018." C-sh nav was $1.0309 at 31/05. Ord nav was $0.69.
jonwig
16/5/2018
08:06
@ Spec - 27% ought to be enough: maybe shows the suspicion surrounding this fund!
jonwig
16/5/2018
07:27
Certainly anyone selling out in first half of 2017 would have done well - out at a price higher than bought at, plus c.75p of capital returns along the way. Reinsurance still feels like a "picking up pennies in front of a bulldozer" strategy tho, albeit that the new CATC ("let's start again") will be benefitting from the better rates - caused indirectly by CAT's huge losses! NAVs much as expected today - the discount on CAT that got me in remains only as long as no more huge loss reserve provisions.
spectoacc
15/5/2018
19:33
@ topvest - if you add back the dividends and at least two returns of capital, tsr up to August last year was pretty good. I don't want to make excuses for their over-exposure to Harvey, etc. which they ought to have hedged against.
jonwig
15/5/2018
18:13
It’s not performed well at all. There’s no point having an attractive yield if they can’t preserve your capital.
topvest
15/5/2018
16:46
Thanks for the insight on the sector - so effectively CAT is the reinsurer to the reinsurers. I agree that CAT had done very well until last year, although I wonder how much that was down to the very benign environment rather than any real skill. It seems rates have improved a bit which should at least help future returns.
riverman77
15/5/2018
15:01
@jonwig - I did notice CAT declaring how investors had had 75% of their money back already in divis up to now. But the corollary of that is that at the now 50c share price, a buyer of CAT at issue has made all of 25% non-compounded if they sold out now! So actually pretty poor, and even worse if they'd reinvested the divis as scrip. One other thing I noticed - before the latest CAT write-down, they'd said 35% was being reinvested into the new C shares. I'm guessing much of that is now off the table?
spectoacc
15/5/2018
13:47
@ riverman - I think the point is that insurers lay off their excess to re-insurers, and then re-insurers do the same with the likes of CAT! So CAT ultimately protected the companies you mention. In fact, CAT produced excellent returns (dividend, return of capital) over its first seven years (end of 2010). The whole point of the company is to risk single big events against steady outsize returns. However, this has failed because lack of cat events up to 2017 meant that non-specialists (pension funds, hedge funds) thought the returns were a free lunch and bid up the prices of cat-bonds and similar products, thus depressing returns. Actually, holders here had a chance to exit. Look at the share price in Aug-Sept. A cautious investor could have gotten clear by reading the hurricane season newsfeed. FWIW I sold at 112.3c on 20/09 and bought CATC at 102c on 22/12. So I was a bit slow to react, and will be sharper next time. (False sell signals could come, though!)
jonwig
15/5/2018
13:20
I am not an expert on the sector but losses seem pretty awful compared with the listed reinsurers, eg Lancashire took a more cautious approach and refused to chase risk last year given the unattractive pricing and losses were quite modest last year. Beazley and Hiscox also did very well although also operate in other parts of the market. However I have little in confidence in CATs approach to risk or ability to provide guidance on potential losses and will avoid this name altogether (and that includes the C shares).
riverman77
15/5/2018
12:51
Have to agree - chump change. On the other hand - would they buy at all if they thought more big write-downs coming? I suspect there's more, but smaller. At which point the directors buy again, only larger :)
spectoacc
15/5/2018
12:46
The level of director buying looks pathetically low.
hugepants
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