Bermuda-based insurers and reinsurers all face similar challenges in 2011, but as executives of these firms discussed their results for 2010, they each mapped out unique approaches for moving ahead.
Even though last year's underwriting profits for all 17 Bermuda firms regularly tracked by NU moved in a single direction—down from 2009, with the average combined ratio deteriorating 8.9 points—only four reported top-line premium declines. Each of the others had a different story to explain stable or slightly rising 2010 premium volumes—and strategies for growth in 2011.
Innovative, one-off, multiyear deals and longer-term new business initiatives highlighted earnings conference calls otherwise marked by discussions of continuing soft-market conditions and a nearly unprecedented number of non-U.S. catastrophe events. In total, the 17 groups incurred $3.5 billion in losses from the Chilean earthquake, Deepwater Horizon, a September earthquake in New Zealand and December flooding in Australia.
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