Out with the old; in with the new.

Last year's record U.S. storm losses hit the income statements of Bermuda companies harder than the U.S. property-casualty industry, causing a Bermuda market shakeout that has predictably extended well into this year.

While the U.S. p-c insurance industry managed to report an 11.7 percent jump in net income in 2005, even investment income couldn't bring the bottom line of a composite of 16 Bermuda companies into the black.

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