Several start-up reinsurers were formed in the wake of the insurance industry's 2005 record hurricane losses. These Bermuda-based reinsurers, commonly referred to as the Class of 2005, were formed largely to capitalize on anticipated favorable market conditions.
In this respect, the Class of 2005 resembles reinsurers commonly referred to as the Class of 2001 and the Class of 1993 that were formed after Sept. 11 and Hurricane Andrew, respectively. Given the common themes underlying their formation, Fitch views this as a constructive time to examine the following:
o Differences between the Class of 2005 and the Classes of 2001 and 1993.
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