Bermuda's reinsurers--following losses of $11.3 billion from Hurricanes Katrina, Rita and Wilma--registered a total 2005 net loss of $2.8 billion compared with a profit the previous year of $5.5 billion, according to a reinsurance intermediary.
London-based Benfield, in its latest "Bermuda Quarterly" report, said 11 Bermuda reinsurers reported losses in 2005 compared with only one in 2004.
The average return on equity for Bermuda reinsurers sank to negative-6 percent from a positive 13.1 percent in 2004 and a peak of 19.1 percent in 2003, Benfield reported.
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