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BCRH - Time To Buy Blue Capital And Its 8% Dividend?
Blue Capital Reinsurance Holdings Ltd.
An Out-Of-The Blue Quarter
In 2017 and 2018, Blue Capital (BCRH) suffered from large losses due to Hurricane Irma and other catastrophes, obliging the company to book significant additional reserves. The company however maintained its 30¢ dividend policy at first. Since this dividend was not covered by earnings, shareholders' equity shrank to $90.7 million in 2017, vs. more than $183 million in 2016. A 50% decline in book value.
At the end of 2018, the company’s management decided to cut the dividend by half to $0.15 per share. In my opinion, it was