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Catco Reinsurance Opport... Dividends - CAT

Catco Reinsurance Opport... Dividends - CAT

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Catco Reinsurance Opportunities Fund Limited CAT London Ordinary Share BMG1961Q2749 ORD USD0.00013716 (DI)
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 0.24 01:00:00
Open Price Low Price High Price Close Price Previous Close
0.24 0.24 0.24 0.24 0.24
more quote information »

Catco Reinsurance Opport... CAT Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

spectoacc: Got a not-to-be-sniffed-at divi on the C's, paid 1st Nov, only just noticed. Obviously hoping to get out of these higher than the c.31c I missed out on on the tender - including making up for £ having got stronger.. Last C repurchase was 1m at 30c & does seem to be underpinning it now.
spectoacc: Turns out I'm still completely in the C's - I must have put 1c too high in the tender, wish I'd recorded what it was now. Completely out of CAT tho. Been ticking up of late - have we gone a fortnight without a natural disaster?
spectoacc: Agreed @topvest. Can't remember what price I went for in the tender now! Think I'll be out of c.70% of the C's tho. Will be interesting to see what the directors have done - tender any, or none? The remaining NAV should be much higher. CAT/CATC have been a fiasco - CATC in particular. "Let's start a new fund after the old one has suffered big losses. Oops - the new one is half wiped out".
topvest: If I read correctly all Ordinary shares tendered will be accepted at 20c. Is that what everyone else sees? Will be happy to exit this very poor investment. Can't win them all, but I think I have learned a lesson on this one and I don't think CAT funds like these have been very well run at all. Too much money and risks have not been appropriately priced.
spectoacc: The alternative view is that it's an El Nino effect, hence it's come on so rapidly (unlike MMCC), but agree re the CATs - what a fiasco they've been, possibly my worst holding ever. Edit - actually, I've had some divis, even if/when they go to zero :) Am sure I've had some go pop in the past without even a divi to soften the pain.
spectoacc: Missed that, thanks - prefers the CAT to the CATC's.
topvest: Circular out on return of capital. DOG rather than CAT is a suitable description. Any view on the likely capital return in pence per share as the circular is opaque!? Indeed, the company has always been a tad opaque...Oh well, this was a poor investment and lesson learnt!
jonwig: bandit - in this business, dividends and capital are separate issues. Suppose a (re-)insurance company wants to lay off a portion of its risk. It will issue a bond to CAT and pay interest (monthly, quarterly, etc.) for a period. The bond will 'mature' only if a cat-event happens, and then CAT will pay the principal to the insurer. This interest is what enables CAT to pay its dividend, whilst the cat-event payout comes from its share capital. There weren't any significant cat-events in the first few years and CAT was a pretty good investment. Then in 2017 and 2018 stuff happened! (See the chart from August 2017.) It also turned out that CAT was not protecting its book enough by laying off its own risks.
jonwig: This looks ominous, and I can't find much to help clarify what it's talking about!
jonwig: @ 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!)
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