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Bermuda Not the Paradise Reinsurers Had Hoped For
Standard & Poors, Oct 2000
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
For most of Bermuda's reinsurers, 1999 was a harsh year, filled with numerous challenges to underwriting discipline that constantly tested each company's ability to remain competitive. Expansion opportunities in the previous three years had affected earnings and capital structures, while downward pricing pressures and intense market conditions constrained organic top-line growth. Underwriting profitability, as measured by the combined ratio, topped 100% for most reinsurers, and only a few were able to do better than that. Reflecting the increased volatility of many Bermuda reinsurer risk portfolios, most companies found earnings performance in 1999 well below their historical averages. In 2000, Standard & Poor's believes underwriting pressures will remain, while earnings stability and quality for some Bermuda reinsurers will be questionable as...
Companies mentioned in this report are: White Mountains Insurance Group Inc.,Everest Reinsurance Co.,ACE Ltd.,Nac Re Corp.,ACE Financial Services Inc.,Annuity & Life Reassurance America Inc.,Markel Corp. (Unsolicited Ratings),XL Group Ltd.,Trenwick Group Ltd.,White Mountains Reinsurance Company of America,PXRE Reinsurance Co.,Terra Nova (Bermuda) Holdings Ltd.,Overseas Partners U.S. Reinsurance Co.,Renaissance Reinsurance Ltd.,LaSalle Re Ltd.,ACE Tempest Reinsurance Ltd.,LaSalle Re Holdings Ltd.,Overseas Partners Ltd.,IPCRe Ltd.,Annuity & Life Reassurance, Ltd.,XL Re Europe SA,XL Re Latin America Ltd.,Assured Guaranty Re Ltd.,Tokio Millennium Re Ltd.,Annuity & Life Re (Holdings) Ltd.,Max Re Ltd.,Everest Re Group Ltd.
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