"Goshawk said the net charge to the group's profit and loss account resulting from the closure will be in the region of 35 mln in the current year.

Panmure was delighted that Goshawk has finally drawn a line under its Lloyds of London business, with the broker announcing that it would upgrade the stock to 'buy' from 'neutral' as soon as it met with new chief executive, Russell Brooke.

'Investors should be pleased to see that the comment 'Goshawk's liability is limited to its Fund At Lloyd's' in the announcement of the closure of Syndicate
102,' said the broker in a note to clients.
The broker reckons that Goshawk will likely report a loss of 50 mln stg for the full year. However, if it can continue to deliver a 20 pct return on capital at
its re-insurance unit in 2004 and 2005, the shares will begin to look inexpensive, argued Panmure."

Well a bid rumour in the Express.and lots of other positive news is certainly helping.A rumour on ADVFN was that there would be coverage of GOS by William de Broe !!

For full tchnical analysis there is an excellent thread at

www.sardinesplaice.com

Well worth a read if contemplating investing in GOS

Very nice RNS today and as Phoenix are a VC I wonder what will happen next !!

From MoneyAM

Goshawk Insurance has climbed 15.7% to 31.25p over three days. On 26 September it revealed a first half operating loss of 30.6m, compared with a 4.3m last time. Its financial troubles in the six months ended in June stem from the disastrous performance of its wholly-owned Lloyd's of London Syndicate 102, which in turn has been hit by the collapse of the Accident Group, the no-win-no-fee compensation firm.

Goshawk's management though is adamant that it has taken all of the hard decisions up front and chief executive Chris Fagan reckons the firm, which also boasts a successful Burmuda-based reinsurance operation, will trade profitably in the second half.

Broker buy rec

Subscription site: Shrewd Snapshot: Sell Safeway, buy Goshawk Citywire 07:55

Superb day today hope some of you lot jumped in.Let's look forward to WestLBs 60p ;-)

And here too.

Gausie what is your stance on GOS ?

Strong buying today.

Well by the looks at the trades it seems as though either Phoenix are increasing there holding or another institution is buying in.

Didn't Phoenix lose about 20% last year even though they can short ?

This is the biggest pile of s**t ever.

Sold mine

Good riddence to you Mrsigns !

Dil is everyone perfect ? I have made some and lost some but thats life.

Another good day and more strong buying !

De ja vue - SPT

Look at the buying !

Hi Ash!

Andy

LOL


Down today isn't it.

Haystack,

Just a tad, so far!

Andy
It's funny really to think that he may not have realised that we all knew he was Ashley James. The posting style is quite distinctive! He is easliy spotted in all his guises here and on ADVFN! It is a bit like when a small child hides behind a blanket and thinks that no one can see him (that's not meant as an insult by the way). It does indicate a certain charming naivety. Just don't creep up on him and shout BOO!.

Ash

Watch and learn, amateur.

Gausie

Gausie and the rest of you little boys.I am not Ash and have never portrayed to be.I have copied some of his posts from SP but that is about all !

Now grow up ;-)

That was a shorting drop today.If you followed the action you would have seen that the trades were all targeted at one MM hence the wide spread.The interesting thing is that they left the shorts open over night as the offer price never dropped to allow them to make a profit.Now if you were a long the best thing to do is buy in the morning and try to force the shorters to close.This would then add impetous to the rise.

You can also see from a chart perspective that GOS formed a double bottom at 32.5p today which on it's own is a very bullish signal.

Goshawk's rating affirmed


--------------------------------------------------------------------------------
By Mairi Mallon


--------------------------------------------------------------------------------

A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Goshawk Reinsurance Ltd. (Goshawk Re), Bermuda, and removed the rating from under review, the agency said yesterday.
Goshawk Re, one of the post September 11, 2001 start-ups, had been put under review with negative implications after problems were made public about the parent company's problems generated by the group's Lloyd's operation.
But yesterday the agency said that after discussions with the Goshawk group and the ongoing protection of Goshawk Re's capital from problems said that the "ongoing maintenance of risk-adjusted capitalisation at Goshawk Re is more than commensurate with the rating".
Best said that the negative outlook reflected the increased uncertainty of Goshawk Re's market profile and consequent prospective operating performance, particularly resulting from the challenge of building an attractive ongoing book and avoiding adverse selection.
Best placed the rating under review with negative implications following an announcement by the parent, Goshawk Insurance Holdings plc, that it may breach its banking covenants due to the need for additional reserve strengthening at Lloyd's Syndicate 102, and the potential impact that any shortfall of funding at the syndicate may have on the group's overall financial flexibility. The banking covenants have since been suspended reflecting ongoing support from Goshawk's banks.
The report said: "In A.M. Best's opinion, Goshawk Re is not materially exposed to losses arising from reinsurance of syndicate 102's business, as there is only a very minor exposure to pre-2002 business. "
But Best said the Bermuda subsidiary had excellent risk-adjusted capitalisation and the rating reflected the division's stand-alone financial strength.
"In A.M. Best's opinion, the company has a substantial excess of both current and prospective risk-adjusted capital relative to its financial strength rating despite the need to fund repayments of the $65 million term debt issued by its immediate holding company," said a Best release.
Best said, however, there was increased uncertainty over operating performance and that while current market conditions continue to support the potential for good operating performance, this is obviously highly dependent on the quality of business which Goshawk Re will write.
And it said the company would have a weakened business profile, as it is likely to suffer from the weakened group profile, and this has been factored into business generation and performance expectations.
"Furthermore, the company's original business plan to develop a core book of third-party business was delayed by virtue of specific class underwriting positions and key management roles being filled later than planned," it added.

Starting to move up after consolidating at 31p.Nearly has a market cap of $100M which will get funds very interested.

Recent press comments also,to add a bit of spice,about bid talks.

One definately to be in.

Good news from Panmure apparently (found on iii)......

"Goshawk said the net charge to the group's profit and loss account resulting from the closure will be in the region of 35 mln in the current year.

Panmure was delighted that Goshawk has finally drawn a line under its Lloyds of London business, with the broker announcing that it would upgrade the stock to 'buy' from 'neutral' as soon as it met with new chief executive, Russell Brooke.

'Investors should be pleased to see that the comment 'Goshawk's liability is limited to its Fund At Lloyd's' in the announcement of the closure of Syndicate
102,' said the broker in a note to clients.
The broker reckons that Goshawk will likely report a loss of 50 mln stg for the full year. However, if it can continue to deliver a 20 pct return on capital at
its re-insurance unit in 2004 and 2005, the shares will begin to look inexpensive, argued Panmure."

Header updated.

Nobody interested then ?!

I bought it on down turn at about 35p, hopefully 1 would made by sept next year.

Getting rid of 102 may make it a takeover target, suggests the DT today

Goshawk jumped by 1.75p to 35p after Lloyds of London persuaded it to exit the London market and close its loss-making Lloyds's syndicate 102. This will allow the company to focus on its Bermudan based reinsurance activities. The company is still technically in breach of banking covenants but these will be renegotiated and that will leave essentially a pure reinsurance play trading at a big discount to a Net Asset Value estimated to be 57p a share by brokers KBC Peel Hunt.

LONDON (AFX) - Shares in Goshawk Insurance Holdings PLC moved higher this
morning as investors applauded its decision to wind down its Lloyd's of London
syndicate and focus on its re-insurance unit, said dealers.

In a statement to the Stock Exchange this morning, Goshawk said it had put its
Lloyd's of London Syndicate 102 into immediate run-off due to financial problems
stemming from the collapse of the Accident Group, the no-win-no-fee compensation
firm.

Goshawk said it expects its Funds at Lloyd's (FAL) will be retained by Lloyd's
to cover losses from the syndicate.

This will involve Goshawk surrendering 45 mln stg of cash and securities held
by Lloyd's and contributing a further 20 mln to collateralise a letter of credit
facility.

The majority of the expenses incurred in closing down the group's Lloyd's
operations not attributable to Syndicate 102 are expected to be charged to its
profit and loss account in the current financial year.

Goshawk said the net charge to the group's profit and loss account resulting
from the closure will be in the region of 35 mln in the current year.

Panmure was delighted that Goshawk has finally drawn a line under its Lloyds of
London business, with the broker announcing that it would upgrade the stock to
'buy' from 'neutral' as soon as it met with new chief executive, Russell Brooke.

'Investors should be pleased to see that the comment 'Goshawk's liability is
limited to its Fund At Lloyd's' in the announcement of the closure of Syndicate
102,' said the broker in a note to clients.

The broker reckons that Goshawk will likely report a loss of 50 mln stg for the
full year. However, if it can continue to deliver a 20 pct return on capital at
its re-insurance unit in 2004 and 2005, the shares will begin to look
inexpensive, argued Panmure.

Ailing Goshawk is a bid target
2 November 2003, Mail on Sunday

INSURER Goshawk looks likely to become a bid target after a shake-up left it focusing on its reinsurance business.




Today's City News
Sainsbury target of US takeover
Bank lines up shock rate rise
Sunday newspaper share tips
Wall Street report: Friday close
A-Z of the Sunday newspapers
'I care about Reuters'




Last week the company was told by Lloyd's of London to stop taking new business through the insurance market, where it trades as Syndicate 102.


The move was part of a Lloyd's policy to clamp down on badly performing syndicates to avoid a repeat of the massive losses that hit the market in the Nineties.


Goshawk's syndicate has suffered big losses on life insurance policies for elderly Americans and was caught up in the collapse of The Accident Group.


It will stop underwriting and Goshawk will provide 65 million to enable it to pay for new and existing claims.


Shares in the company moved higher on Friday to close at 35p, valuing the company at 62 million as industry insiders said it was a clear bid target.


Goshawk is believed to have offered itself to potential buyers earlier this year, but they were deterred by the Lloyd's situation.


As a pure reinsurance company it is far more attractive to buyers, and analysts suggested a rival such as Amlin could be interested.

http://www.thisismoney.com/20031102/nm69886.html

.

Did you have something to say Andy ?

GOS and PDX may both have good days tomorrow, good luck!

Let's hope so Andy ! GOS had some nice press coverage so I expect a flood of buying as for PDX I don't really know but good luck ;-)

Good start to the morning ;-)

Well doing very well.Expect some large buys to come in when US opens.

Is nobody else in these ? There is a gap from 52p to 73p that could quite easily be filled.

Goshawk sister company closes

A sister company of Bermuda-based reinsurer Goshawk Re has been shut down after significant losses in the last two years.
Management of UK-based Goshawk Insurance Holdings said last week that its Lloyds of London operation, Syndicate 102, was being put into run-off, or ceasing to write any new business, effective immediately.
Goshawk said on Friday that its decision to exit Lloyds would result in it posting a $60 million restructuring charge.
In a Press statement, the company added that the development would allow it to focus on its better performing Bermuda operation, Goshawk Re. The company was one of a wave of reinsurers to set up on the Island after a void in capacity and increase in reinsurance rates after the September 11 terrorist attacks.
In September, Goshawk revealed a net loss of 45 million for the first six months of the year. The worse-than-forecasted results followed on the heels of several earnings warnings made earlier in the year.
Although Bermuda unit, Goshawk Re, posted a good result operating profit of 14.2 million for the first half of the year it was not enough to bail out the company, which was under strain from poor results over the last two and a half years from Syndicate 102.
Goshawk attributed its financial woes at Lloyds to the companys boosting of its reserves.
The need to boost reserves stems from costs, legal expenses and cargo-insurance business for prior years, Goshawk said in September. The company was also a lead insurer on a Columbia shuttle policy for $10 million.
British news reports have speculated in the last week that Goshawk could be a likely takeover target.

http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031103/BUSINESS/111030034

I do like the last paragraph !

Nobody likes a bargain then !

LONDON (AFX) - Goshawk Insurance Holdings PLC, which put itself up for sale
in July after a profits warning knocked 22 pct off the company's market value,
today said it has not received an approach to date that has resulted in
substantive talks on a possible bid for the company.
This came after the Takeover Panel informed the company yesterday that it
was deemed to have gone into a bid period with immediate effect.
The company said it "expects to continue to receive expressions of interest
from time to time and will continue to assess any such expressions on their
merits".
A further announcement will be made when appropriate, it added.
Goshawk had been dragged down by the abject performance of its Lloyd's
syndicate 102, which in turn has been hit by the collapse of the Accident Group,
the no win, no fee compensation firm.

Looks like we have a buyer picking up alot of stock.

Also RNS from ISIS management stating they have picked up 2M

;-)

From The Times.

November 05, 2003

Rumour of the Day

GOSHAWK INSURANCE, down 1p to 37p, was the subject of takeover speculation after being forced to close its Lloyds of London business last week. The firm admitted it had received informal approaches, but said nothing substantive had emerged. Amlin, which fell 3p to 137p, is seen as a likely bidder.

lol, morning Ash - compelling read as ever.

Looks like someone is taking on as much stock as possible at this level !

Maybe a potential bidder is accumulating !

p.s Velocity I am not Ash ;-)

Morning all, What is the opinion on Goshawk now with the latest news and big sells? I feel a bit iffy. 60p when??

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=142724

Elsewhere the chief executive and underwriting director of Goshawk Insurance both resigned yesterday after the insurer was forced to close in London because of fears it is under-reserved, reports the Independent.

Haystack,

There was an artice in The Times Business sectiont today which paints a less than rosy picture for GOS, ad it would appear they are not out of the woods yet!

Cautious investors should read that article.

Haystack,

The chart doesn't look too positive either!

Goshawk have announced that the bid talks they were in have been ended - the shares have fallen 4p

Could it that the potential bidders walked away because the books didn't look very impressive. I suspect the share price fell because people bailed once it was clear there will be no bid. what are the prospects for this company?

I tend to agree with you Soulretro that potential bidders didn't like what they saw.

With the recent history hanging over them I can't see any upside in the short term without a takeover bid. One to keep watching until some more positive signs IMO.

Yes not good news for GOS, and it would appear contrary to some people's expectations!

Tomorrow morning could bring another fall, as those seeing the news tonight may bail too.

Looks a short for now...

I have small pot in Goshawk, i am sticking in, I reckon it is a recovery play, dividend yield used to high, could probably maintain it in the distance future (as long as it doesn't go bust due to everyone selling their shares). In all, I am willing to risk my small pot in this hope. I will try not to look at the share price over all next couple of days - could leave a man very depressed.

Elsewhere, Goshawk shed 3.75p to 35.75p after Lloyds of London said takeover talks had ended. Dealers think the company rejected an offer of about 40p.

http://www.guardian.co.uk/business/story/0,3604,1092360,00.html

Always a bad sign when multiple bidders walk away quite quickly. Is there something nasty in the woodshed?

Well this is starting to look interesting again. Money should flow into this sector at this time of year. Also the market uncertainity makes ILV's an interesting proposition.

Blimey what happened to this !

I took this off my monitor the other week at 23p and now
it's 5p !