Standard & Poor's has upgraded its outlook on the global reinsurance industry to stable from negative, saying that the ramifications from the record 2005 insured losses now appear manageable.
"The financial impacts of the hurricanes have indeed been great but have proved manageable, and a compensating influx of new capital to existing reinsurers has occurred, removing fears of the industry's ability to sustain the growth of its balance sheet," said the agency in a report issued today.
S&P estimates an industry combined ratio of approximately 120 for 2005, including 23 points relating to catastrophe losses.
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