- CATCo Reinsurance Opportunities Fund generated shareholder returns in its first year of trading despite industry natural catastrophe losses of $105bn.

The net asset value total return of the company's ordinary and C shares was 5.09% and 8.58% respectively with a final dividend of $0.051 declared on both.

Chairman Anthony Taylor said: "2011 ranks as one of the two most expensive years for the insurance industry with approximately $105bn in insured natural catastrophe losses.

"This exceeds 2005's natural catastrophe losses of $101bn, which included hurricanes Katrina, Wilma and Rita.

"It is particularly pleasing that despite the year's events the company generated shareholder returns in its first year of trading.

"With the capital from the latest fund raising deployed, enhanced portfolio diversification and premiums at higher levels due to the severe industry losses in 2011, the board fully expects to produce significantly higher projected returns in 2012."

At 8:02am: [LON:CAT] Cambridge Antibody Technology Group share price was 0p at 0.99p

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