NU Online News Service, Jan. 20, 2:05 p.m. EST
The Bermuda insurance market is unlikely to see widespread upward rating pressure over the next 12 to 18 months, according to Fitch Ratings, but individual insurers and reinsurers in this market could see upward pressure with the right strategies.
Fitch said it believes that "market-wide improvements in fundamentals that generate widespread upward ratings pressure are unlikely to occur in the 12 to 18 months covered by the agency's rating outlooks." Fitch noted that the rate environment is too cyclical, and competition too fierce for Bermuda companies to generate the capital needed to sustain upward rating pressure, "particularly given the ease with which capital can enter or leave the Bermuda market."
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