Old Bermudians Run Into Storm Headwinds

While storm losses did significant damage to the income statements of three of the oldest Bermuda insurers and reinsurers, a handful posted income gains last year, in spite of hurricane winds and a changing market.

Storm damage was significant for the three companies specializing in property reinsurance IPC Holdings, PXRE Group, and RenaissanceRe with income tumbling 47 percent for IPC, and more than 70 percent for each of the others. Still, two of these companies IPC and PXRE managed to record combined ratios below the magic 100 mark.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.