Bermuda property-casualty insurance companies beefing up their capital reserves in the wake of huge hurricane losses have now issued or will issue more than $9 billion in securities, Moody's Investors Service reported today.
At the same time, an analyst at Banc of America Securities said a number of Bermuda insurer-reinsurer groups have seen earnings bolstered by strong investment yields as many companies report higher than expected investment income.
Moody's in New York said 14 firms on the island had replenished 71 percent of their third quarter losses by issuing equity, hybrid and debt securities and an additional $3 billion of securities offerings have been announced.
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