With its vulnerable island location, it would seem only fitting that the Bermuda insurance market took a considerable hit from the record catastrophe losses of 2005.
Willis Re's Bermuda-based Executive Vice President James Kent noted that in the first half of the year, island carriers handed $1.2 billion in capital back to investors in the form of share buy-backs and dividends.
But far greater sums soon were going to claimants instead of shareholders. “The third quarter changed everything,” he said.
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