1993 Bermuda Cat Reinsurers Celebrate 1st Decade

Bermuda Correspondent

A decade after eight reinsurance companies set up to meet the void in property-catastrophe capacity after Hurricane Andrewthe most costly natural catastrophe to hit insurance and reinsurance marketsonly three remain standing as independent operations.

Those three, RenaissanceRe, PartnerRe and IPCRe, launched and quickly built strong franchises on the back of hard market conditions in the property-catastrophe sector following Andrew’s scourge of the Southeast seaboard in August 1992, which racked up an insured loss of $15.5 billion.

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