The worst third-quarter of financial results since 2005 didn't dampen the spirits of Bermuda insurance executives keenly focused on opportunities emerging in the wake of a worldwide financial crisis. At a time when bears were dominating Wall Street, some bulls emerged among the insurers born in Bermuda–especially in reinsurance camps, where executives speculated about a potential 2009 market turn during their earnings conference calls.
“I have not understood why the reinsurance market has not been better valued by the investment community,” said John Charman, chief executive officer of AXIS Capital. “The outlook for the market for the foreseeable future is more positive than I have seen for many many years.”
“The reality of the capital markets substantially withdrawing from providing capacity will lead to re-energization of the reinsurance market,” he predicted.
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