CHICAGO--(BUSINESS WIRE)--Fitch Ratings today has published a special report analyzing recent trends in the Bermuda (re)insurance marketplace.
The Bermuda (re)insurance market remains strong with 2010 results expected to be favorable, capping five consecutive years of operating success since the significant losses in 2005 due to Hurricanes Katrina, Rita and Wilma.
However, Bermuda's top-line results are suffering as insurers have ceded less business during the soft market and organic opportunities diminish with generally weak economic conditions reducing insured exposures. This reduced demand adds to the market's excess capacity and further intensifies the competitive landscape.
Specific topics discussed in this report include:
--Key Issues affecting the Bermuda (re)insurance market in 2011.
--Factors that could put upward or downward pressure on ratings.
--The market's 2010 financial performance.
The universe of Bermuda market (re)insurers covered in this report includes organizations that write both primary insurance and reinsurance business. These companies insure exposures worldwide, although the majority of their business is derived from exposures in the U.S. Fitch's rating outlook is stable on both the U.S. primary market and the global reinsurance sector, and includes Fitch's coverage of Bermuda market (re)insurers.
The report 'Bermuda 2011 Market Update' dated Jan. 18, 2011, is available at 'www.fitchratings.com' under the following headers:
Financial Institutions >> Insurance >> Special Reports
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
'Non-Life Insurance Rating Methodology', March 24, 2010;
'Insurance Rating Methodology', August. 16, 2010.
Applicable Criteria and Related Research: Bermuda 2011 Market Update
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595369
Non-Life Insurance Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=506369
Insurance Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547766
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