Despite a 60 percent drop in profits, U.S. reinsurers continue to be strongly rated for financial strength, according to a brokerage group.
The Benfield Quarterly report made that conclusion after a finding that, among reinsurers it studied, reserving deficiencies and hurricane losses drove down 2005 profits by two-thirds to $2.1 billion. The companies examined consisted of the 13 largest U.S. reinsurers.
"Despite the challenges of 2005, the BUSQ group remains strongly rated, and certainly did not suffer the downgrades and negative outlooks seen in the Bermudian peer group covered in the Benfield Bermuda Quarterly," said London-based Benfield analyst and report author Leon Janeke.
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