While underwriters at Bermuda insurance and reinsurance companies remained focused on their defensive games in fourth-quarter 2008 and early 2009, offensive strategies are being planned, executives of the companies say.
As they reported financial results for fourth-quarter and full-year 2008 on earnings conference calls, revealing their shares of global property-catastrophe losses and investment losses arising out of a worldwide financial crisis, many executives highlighted an additional challenge--that of a competitive insurance market.
"This [year] was...a period that presented the most competitive market conditions we have experienced since the formation of AXIS, and importantly we have maintained our overall defensive underwriting posture," said John Charman, president and chief executive officer of AXIS Capital Holdings.
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