New York--Although executives speaking here at an insurance conference yesterday said their companies still didn't have adjusters in Katrina-impacted areas to assess damages, they also cited market opportunities following the devastation.
"This is a significant event for our company," said PXRE CEO Jeff Radke during a presentation at the Keefe, Bruyette & Woods Insurance Conference. He added, however, that while it isn't possible to develop a credible loss estimate for his Bermuda-based reinsurer yet, "our loss will leave us with enough capital to really thrive in the market opportunity that's going to follow at Jan. 1."
Hurricane Katrina has produced "a very significant industry loss," a major proportion of which--unlike last year--will be borne by the reinsurance industry, he said. "That is going to move the market," he added, noting he is particularly bullish about price increases and tighter terms and conditions in the retrocessional market--a large component of PXRE's portfolio.
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