Insurer catastrophe losses exceeding $8.4 billion haven't stopped investors from putting nearly $6 billion of new capital into 14 existing Bermuda companies, according to a new report from Moody's Investors Service.
The report released yesterday, titled "Bermuda P-C Companies Recapitalize Following Heavy Catastrophe Losses," also lists seven new start-up companies that are being organized, adding more than $5 billion in new capacity.
Moody's noted that the $6 billion of capital that has been invested in 14 existing publicly traded companies replaced roughly 71 percent of third-quarter catastrophe losses, with two companies–ACE and Max Re–raising capital amounts that were more than 200 percent of after-tax catastrophe losses.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
