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Hi All, Them shorter lads have been increasing of late http://www.shorttracker.co.uk/company/BMG5361W1047/all & Peel Hunt have said this may be a takeover target... http://citywire.co.uk/money/9-stocks-tipped-as-2015-takeover-targets/a792132#i=8 Don't know if Peel Hunt are in with any of the 2 shorters? 'so well worth keeping an eye on if only for another special divi' Best regards & GLA Blue
Only five weeks to final announcement. As there have been very few payouts. Should be another good special divided. Also paid in us dollars which is much stronger than the january payment.
I reckon as i said before, that they have singled lre out with that given 75p drop from the spcl div they were onto a winner. Allot of sells vs buys today. I am still watching, may dive in bellow a fiver as has been said the spcl divs are attractive so long as you don't sell soon after ex div date. Hope I'm wrong re. Shorters, they have ruined more than one of my pf this yr.
This Co. Pays at today's price over 15% returns. Every year it pays special dividends. Share price would undoubtedly be much higher if it gave a higher regular dividend, and a smaller special. But what a great income.
Weird isnt it. The only things i can think of are a) Std LIfe went below 6% but its neither here nor there as they sold less than 1% of their holding. Std LIfe and Neil Woodford still backing it in their funds. b) two non execs retiring but that doesnt seem too major either. Anyway i am staying in as have every respect for Neil Woodfords judgement and he bought in higher than it now is.
Could it be the large spcl div has created an ideal opportunity for shorters to move in? It was always gonna drop 75p ish, so that was a given for them. One reason I decided not to buy in for the div. Will keep an eye on it though.
anybody any idea why this is falling
Hi guys, looking to buy in here seems responsible company rewarding shareholders well. The special div brought it to my attention. Question is does the sp usually drop by the special div amount, noticed you have had several specials over the past years, and if so does it normally recover well. Deciding to buy before ex div or wait and get a few more shares for my money to reap more from future divs as i see it normally runs at 8+% yield. Cheers.
post correction: they know* the shares are cheap and they won't stay long that way!
yeah... however the company is buying back their own shares nonstop for the last two weeks. I take it as a really good sign, they must buy them because they now they are cheap and they won't stay long!
No sign of it, maybe by Christmas?
just bough some, things looking good from here on.
Brokers are suggesting something different from what is happening. Anyone to comment?
this ones about to fly high get in while you can.
x3...big trades.....
Lancashire: Nomura increases target price from 826p to 906p not altering its neutral rating.
"That brought us to a very satisfactory 3.1% total return for the year. I am therefore delighted to report a healthy RoE for the quarter of 3.1% and for the year of 16.7%." Formation of new division The group unveiled its new Lancashire Capital Management division, which will be led by Simon Fascione, the Chief Underwriting Officer of Lancashire Insurance Company, and will focus on the management and execution of existing managed premium strategies, in conjunction with the development of future products and structures. CEO Brindle said: "The creation of Lancashire Capital Management is an exciting and logical step for Lancashire given the ongoing evolution of the third party capital market. "We have an established track record in relation to the management of third party capital investments via Sirocco, Accordion and more recently Saltire. This announcement further illustrates our commitment to ensure we are continually exploring all avenues of innovation to meet the complex needs of both our clients and investors. Lancashire Capital Management will enhance the group's ability to match supply with demand within an industry in transition."
"At the beginning of 2012 I expressed a cautious optimism about the insurance pricing environment. That proved justified in our property retrocession and reinsurance lines and in the energy offshore accounts. Otherwise, the rating environment, outside of loss affected accounts in our core lines, remained competitive." At the end of December, the fully converted book value per share had risen to $7.83, from $7.62 a year earlier. Return on equity (RoE), which is defined as growth in fully converted book value per share, adjusted for dividends, for the fourth quarter was 3.1% (2011: 2.7%), while for the full year it came in at 16.7% (2011: 13.4%). Elaine Whelan, Group Chief Financial Officer, said: "With our best estimate of our net loss from Sandy at $44.5m, after reinsurance and reinstatement premium, we produced a strong underwriting result for the fourth quarter with a combined ratio of 71.9%. In the face of continuing uncertainty and volatility in the investment markets, our portfolio held up well, producing a positive total return for the quarter of 0.3%.
Insurance group Lancashire Holdings said Thursday that it will return 170m dollars to shareholders by way of a special dividend, as the company gained 'significant excess headroom', saying the market looks broadly flat following the loss from Hurricane Sandy. The payment is equal to $1.05 per share and the dividends will result in an aggregate payment of approximately $185.7m, and will be paid in sterling in April. The group said that it has delivered a "solid" final quarter and an "excellent year" overall. Richard Brindle, Group Chief Executive Officer, said: "The exceptional level of market losses witnessed in 2011 was not repeated in 2012. There were nonetheless material industry losses, including the loss of the Costa Concordia, which in addition to causing tragic loss of life was also the largest insured marine loss in history, and the devastation and injury of Sandy during the fourth quarter, which is likely to be one of the largest insured property losses of all time.
"Given the limited and preliminary nature of the data available, there is substantial uncertainty associated with the loss estimate, which therefore may be subject to revision," the firm warned. The announcement came as rival insurance firm Amlin put its losses from the US superstorm at £145m, most of which comes from reinsurance claims. The group also noted that Sandy's estimate was more complex than for a typical windstorm and cautioned that any estimate at this stage should be viewed with caution.
Insurance outfit Lancashire Holdings has estimated the impact Hurricane Sandy on the business will be in the region of 40m to 60m dollars. However, it added there was considerable uncertainty around this total and it could be revised. The firm said the preliminary loss estimate came from a combination of market data and assumptions, provisional loss advices, limited client loss data and modelled loss projections. The figure accounts for potential reinsurance recoveries and reinstatement premiums, but does not currently include any benefit from industry loss warranties that the company has in place. Lancashire has $40m of industry loss warranty cover, attaching at an insured market loss of $20m as reported by Property Claims Services.
Shore Capital has kept to its "buy" stance on insurance provider Lancashire Holdings (LRE), citing an "excellent" level of pre-tax profits of 49.1 million pounds as part justification of its rating. The broker also believes that the insurance group is in a better position than others in the industry to manage losses due to Hurricane Sandy as it holds a loss warranty for extra cover in the event of a $20 billion (12.6 billion pounds) loss. The shares were down by 2.5p at 851p.
Insurance group Lancashire Holdings is to launch a fully collateralised Bermuda incorporated special purpose insurer, Saltire Re 1. The special purpose insurer, called a reinsurance sidecar in the insurance trade, will have capacity of up to $250m and the share capital will be owned by a syndicate of investors. Lancashire itself will invest some $33m in Saltire Re I. Saltire Re I will underwrite a combined exposure ultimate net loss aggregate reinsurance product for the January 2013 reinsurance renewal season. Lancashire has also launched Saltire Management Limited, which will provide underwriting services to Saltire Re I. Saltire Management is a wholly-owned subsidiary of Lancashire. "Following the successful launch of the Accordion sidecar in 2011, the creation of the Saltire vehicles represents a further development of Lancashire's strategy to build partnerships with capital market participants. It affords the investors in Saltire Re I access to Lancashire's underwriting expertise, and allows Lancashire the ability to generate fee income," said Richard Brindle, the Group Chief Executive Officer of Lancashire. "We have listened to our clients and brokers and believe that there will be an appetite for the Saltire Re I product," Brindle added.
Lancashire: Jefferies keeps buy rating and 910p target.
The relatively new (six years old) insurance company Lancashire Holdings gets the thumbs up from Tempus. It operates in the risky but profitable areas of reinsurance and “retrocession” and has proved adept at giving investors significant special dividends ($918m since 2007). Buy.