First-half 2009 financial results for property and casualty insurers and reinsurers in Bermuda saw two of the smallest players “moving on” after failing to bulk up with a second-quarter acquisition, and demonstrating stronger premium growth than their Bermuda counterparts.
According to statistics compiled by National Underwriter for 17 publicly traded companies created in Bermuda, Flagstone Reinsurance Holdings and Max Capital Group–which have the smallest capital bases of the group–reported the largest jumps in premium for first-half 2009 over the same period in 2008.
While growth measured from a small starting base will be numerically easier to achieve than growth from a larger one, six other companies among the 17 reported declines, and the group collectively reported a 1.6 percent drop in gross written premiums in the first six months of 2009.
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