Insurance Day
Bermuda emerges intact from storms
Benfield’s analysis of the Bermuda markets proves that while the third-quarter hurricanes had quite an impact on the major players’ results, they did little damage to balance sheets, says ADRIAN LADBURY
TOTAL net income for the third quarter for the big 16 Bermuda companies was a substantial $3.3bn. Overall it was down 26%
on the same period last year but only three companies RenaissanceRe, Quanta and PXRE reported losses and only five companies
reported combined ratios higher than 100%. The average combined ratio was 95.6%, against 88.4% last year.