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The property and casualty industry still has “robust” excess capital, but not as much as July 2010, according an analysis by Morgan Stanley.

It may have seemed like horrible timing when Susan Rivera was starting up a program business-focused MGA in late 2009, but there were several advantages to launching in the wake of a global financial crisis and about six years into a soft property and casualty insurance market, she says.

First-quarter catastrophes drove down results for several insurers and reinsurers as three Bermuda companies and Luxembourg-based Flagstone Reinsurance Holdings reported 2011 first-quarter net losses.

Three insurers and reinsurers report 2011 first-quarter net losses due to natural catastrophes.

It may have seemed like horrible timing when Susan Rivera was starting up a program business-focused MGA in late 2009, but there were several advantages to launching in the wake of a global financial crisis and about six years into a soft property and casualty insurance market, she says.

AXIS Capital Holdings’ expected financial impact of $285 million from the March 11 Japan earthquake and tsunami headlines the latest round of loss estimates from Bermuda companies.

AXIS Capital Holdings’ expected financial impact of $285 million from the March 11 Japan earthquake and tsunami headlines the latest round of loss estimates from Bermuda companies.

With chatter about the next market turn heating up, it’s a good time to explore the impact on program business to see if there could be a replay of the gut-wrenching turmoil that left some program administrators (PA) out in the cold during the last soft-to-hard transition.