Greyinvestor
18 Dec 2014
Re: anyone think LRE is pretty similar.I think that the CGL takeover will/would be a real tragedy. London has built up an outstanding reputation as being the global leader in insurance. This is a really major player being taken out.I can't see Stephen Catlin not getting top dollar. He's a top man and he won't give up lightly. He's built this business up from nothing and has been a leader from the front, always concentrating on the long term.In my opinion CGL was easily the best high yielding stock on the London market. Nothing will replace it.
Broncomaniac
17 Dec 2014
Re: anyone think Greyinvestor, is LRE essentially the same business model as Catlin? Catastrophe insurance and invest the premiums in short dated bonds?
Rusty Jock
17 Dec 2014
Re: anyone think I had recently bought back into Catlin around 510p , and was intending to hold long term for the dividend yield .Today's news is bitter sweet ...... I now won't get the CGL division going forward , but I can't complain about the 40% upside on the share price which is around 6 years of future dividends.So I am just going to sit tight for the 699p offer price , assuming it goes through .In the meantime I have taken new positions in both LANCASHIRE and AMLIN , both of which firmed up in this afternoon's trade in response to the CGL offer .I also like Redde which is another high div share on a modest PE ..... Good results in the last few days and the SP likely to rerate .
Inatthetop
17 Dec 2014
Re: CGL rumours 'Rumours' were in the FT this morning.
FRTEB
17 Dec 2014
Re: CGL rumours inatthetopDid you read any of the other posts today or possibly the RNS before making your post? I guess not...
Inatthetop
17 Dec 2014
Re: CGL rumours A lot of early talk about 'Rumours'. Surely this is nothing less than insider information being put in the public domain! Friends of friends of friends would all have been aware last night for the sp price to zoom so soon after the market opened.
PJ Foster
17 Dec 2014
Re: Possibly a little more if/when ITB is so... Anyone have any idea at all how much Box Innovation Group (a holding company in Gibraltar, 100% owner of InTheBox car insurance company) might be worth?? Looks to be a growing niche of car insurance - but I can't see it being a major part of Catlins value.Cheers,
Greyinvestor
17 Dec 2014
Interesting link, I think [link]
Greyinvestor
17 Dec 2014
Re: anyone think It's kind of ruined my Christmas! While I dozed on the sofa, the world went mad. But it does mean that I am now up 5% on the year, v the market being down about 7%.I'm going to hold on for now. A bit too late to sell. No way do I want shares in XL, but I wonder if WB might wade in with an all cash offer. It could fall in a heap. All that I would have lost is some short term gain. A UK offer would go down mighty well, but they are too big for anyone but AV., I think. And AV. is distracted.As to XL, they seem to have a good balance sheet, but they pay a very low divi.Regarding alternatives, my mind is already chewing them over. Thoughts of SEDY (emerging markets on their knees), LRE (but divi already paid), smaller insurers but not enough liquidity, AML but the balance sheet is much weaker. Hmmm. Not at all easy. No obvious solution. I'm glad that I topped up on LRE this a.m.One thing that I find odd is the timetable. Can they really pull this off so quickly? They are obliged to consider any alternatives.This is outside my experience. It's my first offer from outside the UK, so I'm just rambling really, sorry.
whatsupnow
17 Dec 2014
Possibly a little more if/when ITB is sold Catlin also confirms that it is in advanced negotiations regarding the sale of its interest in Box Innovation Group Limited (trading as ITB). In the event a sale is agreed on terms which generate surplus capital, any distribution of that surplus to Catlin shareholders would be in addition to the indicative terms of the Possible Offer.
Mpg1
17 Dec 2014
anyone think another bid may come to the table?Handy I got back in when I did !
gamesinvestor
17 Dec 2014
Re: It's real Grey the offer equates to some 690p estimated at the current exchange rate on the XL component of the $ shares.Games
FRTEB
17 Dec 2014
Re: Possible Offer - RNS I don't like the idea of holding any American shares so if this deal goes through I'll sell XL. The all-in offer of 699 is almost 30p more than the current CGL sp - that's far too much difference to sell now to bank the uplift, especially so if there might be an additional return to shareholders from the Box sale. So for now I'm holding. If the sp gets to 690+ then I'll probably sell in the absence of any news regarding Box.
Hydrogen Economy
17 Dec 2014
Re: Possible Offer - RNS Well having bought in at various points just above 500 I sold most of my holding, keeping a few just for interest but more than happy to take capital gain worth several years of dividend.I also have no idea about XL and think the upside of the offer Vs SP does not justify the riskInteresting to see that this has livened up the sector with AML (which I hold more of) up 10p.Great result, happy to have banked more than I bargained for in much shorter time, only problem is where to put it? I value Grey's opinion in this area and will study LRE but interested in other ideas (I am full of AML already)XL and GCL just my Xmas a whole lot merrier, hope you feel the same.H2
Greyinvestor
17 Dec 2014
It's real So this time it's real. Why on earth any UK shareholder would want shares in a US insurance company, who knows........I'll have to start thinking hard......Most unwelcome.......
