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Many In Bermuda See 3Q Income Dive

A number of Bermuda insurers reported significant drops in net income in the third quarter of 2010--many within the 20-50 percent range, with declines primarily related to the New Zealand earthquake and other smaller catastrophes.

By Chad Hemenway | Updated on December 05, 2010

A number of Bermuda insurers reported significant drops in net income in the third quarter of 2010–many within the 20-50 percent range, with declines primarily related to the New Zealand earthquake and other smaller catastrophes.

RenaissanceRe Holdings said it recorded $73.6 million of net negative impact in the third quarter from the quake. Validus Holdings expects about $28.7 million in losses, and Argo Group International said its exposure to the quake resulted in $11.3 million in losses.

Yet not all companies that reported large losses from the New Zealand quake experienced drops in net income. AXIS Capital Holdings, for example, said it took on $85 million in net losses from the quake but made $248.1 million in net income for the third quarter compared to a loss of $86.7 million last year during the same time.

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