Start-Ups Reinsurers To Face Stiff Competition: S&P London Editor
The long-term picture for the new reinsurance startups in Bermuda, which have gotten backing from the capital markets in order to take advantage of the post-World Trade Center property-catastrophe capacity crisis, may not be as positive as some might think, according to Standards & Poors.
The problem for the new companies is that the rate increases being seen in the short-term are not likely to be sustained over a long period of time, said Donald Watson, director of S&P Insurance Ratings, during a teleconference last week on the impact of terrorism on the insurance industry.
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