- CATCo Reinsurance Opportunities Fund's board is very encouraged by returns achieved in the first year of trading.

CATCo said the 2012 investment portfolio had been fully invested at attractive premiums, resulting in enhanced expected returns.

Chairman Anthony Taylor said: "With approximately $105bn in insured natural catastrophe losses, 2011 ranks as the most expensive year for the insurance industry, exceeding 2005's natural catastrophe losses of $101bn, which included hurricanes Katrina, Wilma and Rita.

"In 2011, moderate hurricane losses have kept costs from escalating even further.

"If Japan had been as well insured as other countries with high seismic risk, such as New Zealand, the overall industry cost would have been much higher.

"The board, in light of the market backdrop, is very encouraged by the returns achieved in the first year of trading."

At 2:12pm: [LON:CAT] Cambridge Antibody Technology Group share price was +0.01p at 1.07p

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