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CAT Catco Reinsurance Opportunities Fund Limited

0.00 (0.0%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Catco Reinsurance Opportunities Fund Limited LSE:CAT London Ordinary Share BMG1961Q3242 ORD USD0.00013716 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 24.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
13.00 35.00 24.00 24.00 24.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 31.88M 27.12M 18.1652 1.32 35.84M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 24.00 USD

Catco Reinsurance Opport... (CAT) Latest News

Catco Reinsurance Opport... (CAT) Discussions and Chat

Catco Reinsurance Opport... Forums and Chat

Date Time Title Posts
01/7/201411:13Caterpillar - CAT in USA5
26/1/200915:00Fancy having a Dig at DISNEY thats really CAT.57
17/8/200722:29Fat Cattery1

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Catco Reinsurance Opport... (CAT) Most Recent Trades

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Catco Reinsurance Opport... (CAT) Top Chat Posts

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Posted at 07/12/2023 08:20 by Catco Reinsurance Opport... Daily Update
Catco Reinsurance Opportunities Fund Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker CAT. The last closing price for Catco Reinsurance Opport... was US$24.
Catco Reinsurance Opport... currently has 1,493,131 shares in issue. The market capitalisation of Catco Reinsurance Opport... is £35,835,144.
Catco Reinsurance Opport... has a price to earnings ratio (PE ratio) of 1.32.
This morning CAT shares opened at US$24
Posted at 30/12/2019 07:49 by spectoacc
Another 3m C's bought at 39c, mid price, so still going for it. Going to be dribbling mine out soon.
Posted at 29/11/2019 09:01 by spectoacc
Smaller buys, not sure if this shows it's winding down or that they've absorbed most of the available stock at the price.

Still seems slightly strange to me - big NAV discount, yes, but for a reason! NAV only goes one way.
Posted at 30/10/2019 07:36 by spectoacc
OK buying a few C's now - maybe it doesn't take much. Hopefully a much better outcome than when they were buying them at $1!

"On 29 October 2019, the Company bought back 175,000 C Shares in the market, at an average price of USD 0.30 per share.

Following this share purchase, these shares will subsequently be cancelled. "
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 29/5/2019 13:10 by spectoacc
Missed that, thanks - prefers the CAT to the CATC's.
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 22/11/2018 07:35 by spectoacc
Posts 217-219 above.

At least the Ord shares got 7 years of good returns before getting tonked! The C's aren't even getting to enjoy that.

22 November 2018

To: SFS, London Stock Exchange and Bermuda Stock Exchange


Markel CATCo Investment Management Ltd., as Investment Manager, announces the unaudited net asset value of the Company's Ordinary Shares and C Shares of $0.6969 and $1.0502 respectively, as at the close of business on 31 October 2018. The NAV is inclusive of an attritional loss reserve of approximately 15 bps per month (year-to-date: 1.5%).

The Company's Ordinary Shareholders and C Shareholders are exposed to potential losses arising from the 2018 events Hurricane Michael and Typhoon Jebi. The Manager has implemented a specific loss reserve for these events resulting in a 3.7% impact to the Ordinary Share NAV and 9.8% impact to the C Share NAV as of 31 October 2018. Information pertaining to the private insurance industry loss impact is still developing for these events and cedant loss notifications are not yet available, meaning reserves have been based on early industry estimates. As such, it is possible for the impact of these events to change materially following the availabilty of formal cedant loss notifications.

The Manager is also monitoring the California Widlfire events, notably the Camp and Woolsey (Malibu) fires, which began in early November. The fires have now become the most destructive in California's history. Based on early assessments of the industry loss potential due to the fires, it appears a material loss to the portfolio is likely in an amount that could exceed the impact of the 2017 California Wildfire events (2017: c.17%). The estimated impact to Ordinary Shareholders and C Shareholders will be determined after the fires are fully contained and further industry information has been made available.

In addition, the Company's Ordinary Shareholders continue to be exposed to losses arising from 2017 major events. Since the reserve provisions made in April 2018 for 2017 events, the insurance market has continued to report further loss deterioration. In addition, the industry loss estimates for the 2017 events have increased at least 9% over estimates reported in April 2018. As a result, further reserve strengthening is likely to be necessary. An assessment of Q3 cedant loss information is currently underway and an announcement of the estimated portfolio impact will be made prior to the release of the 30 November 2018 NAV.
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!)
Catco Reinsurance Opport... share price data is direct from the London Stock Exchange

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