Share Name Share Symbol Market Type Share ISIN Share Description
Catco Reinsurance Opportunities Fund Limited LSE:CAT London Ordinary Share BMG1961Q2335 ORD USD0.00013716 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.22 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.19 0.25 0.22 0.22 0.22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.64 -3.77 63
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.22 USD

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Date Time Title Posts
01/7/201412:13Caterpillar - CAT in USA5
26/1/200915:00Fancy having a Dig at DISNEY thats really CAT.57
17/8/200723:29Fat Cattery1
16/5/200608:15CAT Where from Here519

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Catco Reinsurance Opport... Daily Update: Catco Reinsurance Opportunities Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CAT. The last closing price for Catco Reinsurance Opport... was US$0.22.
Catco Reinsurance Opportunities Fund Limited has a 4 week average price of US$0.21 and a 12 week average price of US$0.19.
The 1 year high share price is US$0.24 while the 1 year low share price is currently US$0.16.
There are currently 285,916,836 shares in issue and the average daily traded volume is 32,476 shares. The market capitalisation of Catco Reinsurance Opportunities Fund Limited is £62,901,703.92.
jonwig: The share price of Markel Corp has fallen today from $1.135 to $1.058. Presumably the speculation is that the parent could be on the hook if the fund is insolvent? @ danieldruff - no bounce, I think.
spectoacc: @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?
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!)
stonesfan: It is to be hoped that they've taken the opportunity to include all the bad news in that update and the bottom is in for the share price. Considering dipping a toe back in.
jonwig: A month old: Shareholders in the retrocessional reinsurance linked investment focused CATCo Reinsurance Opportunities Fund Ltd. benefited from an 18.1% total-return over the course of 2015, as dividends boosted the 11.58% net return. The 11.58% net return that insurance and reinsurance linked investment manager CATCo returned to shareholders could have been as high as 14%, equaling the 2014 figure, were it not for the UK floods at the end of the year. The provision of dividends and capital return throughout the year make the share price total-return of the fund much higher, which helps to make this type of ILS investment a buy and hold style investment for many shareholders. Http:// More up-to-date, explaining why NAV above xd effect in Feb: Reinsurance and retrocession linked investment and fund manager Markel CATCo Investment Management Ltd. has released a portion of side pocket investments set up in December 2015 for potential exposure to the UK floods and U.S. severe convective storms. In an announcement related to the retrocessional reinsurance investment focused listed CATCo Reinsurance Opportunities Fund Ltd. the investment manager said that the amount of collateral it needs to hold against potential losses from these events had shrunk. Http://
jonwig: Portfolio update includes: FY15 portfolio provides for an indicative net return of 19% 2015 average risk per pillar decreased to 3.3% (2014: 4.1%). Helped by reduced cost of hedging the portfolio This really ought to eliminate the current share price discount to NAV.
jonwig: Given the reinsurance climate, recent strength here is a bit puzzling. Perhaps they intend a dividend of around 12c (as per guidance) and returning another tranche of capital. We get not only the share price increase, but currency translation effects too.
topvest: Seems a rather odd announcement today, given the share price is close to NAV. Lets wait and see what happens. At least 2013 looks a good year. It will be interesting to see what return they have generated. I suspect it's not as much as originally envisaged. Maybe too much capital around.
jonwig: Hurricane Sandy estimate repeated as $18.75m. "The existing retrocessional reinsurance loss reserve provision that is included in the Company's Net Asset Value calculation is based on an insured industry loss of $20 billion. The Board of Directors remains of the opinion that there is no need to amend the existing retrocessional reinsurance loss reserve provision that is currently in place." Presumably that will be the end-Nov 2012 NAV. The share price looks to be matching the likely end-May NAV.
topvest: Everyone to his own. CATCo's share price will depend on whether they can show some NAV growth on top of the dividend. We need NAV growth to $1.20 or so this year, to help the sentiment here. Lonrho is a dog in my view. Held some in the Lonrho Africa days.
Catco Reinsurance Opport... share price data is direct from the London Stock Exchange
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