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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Catco Reinsurance Opportunities Fund Limited | CAT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 37.50 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 37.50 |
| Top Posts |
|---|
Posted at 05/11/2019 08:59 by 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. |
Posted at 23/10/2019 09:12 by 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? |
Posted at 10/9/2019 05:49 by 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". |
Posted at 09/9/2019 18:55 by 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. |
Posted at 13/7/2019 14:45 by 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. |
Posted at 29/5/2019 13:10 by spectoacc Missed that, thanks - prefers the CAT to the CATC's. |
Posted at 02/3/2019 12:36 by 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! |
Posted at 09/2/2019 06:27 by 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. |
Posted at 23/11/2018 07:42 by jonwig Yes, I think the model is bust. It was based on the fact that since 2006, hurricane seasons were quiet, and then since 2008 institutions wanted uncorrelated assets such as cat bonds, etc.On the back of this, CAT produced some excellent returns for several years, most of them distributed. Like all good things it came to an end with Harvey last year, and then a lot more. The argument that premiums will rise to reflect risk probably won't stand up, simply because ordinary folk won't be able to afford them. Not many parts of the world do actually insure and reinsure against natural disasters. (US, Europe, Japan - not China, India.) As I said earlier, I sold out after Florence in September. |
Posted at 15/5/2018 12:47 by 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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