Old Bermudians Run Into Storm Headwinds

While storm losses did significant damage to the income statements of three of the oldest Bermuda insurers and reinsurers, a handful posted income gains last year, in spite of hurricane winds and a changing market.

Storm damage was significant for the three companies specializing in property reinsurance IPC Holdings, PXRE Group, and RenaissanceRe with income tumbling 47 percent for IPC, and more than 70 percent for each of the others. Still, two of these companies IPC and PXRE managed to record combined ratios below the magic 100 mark.

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