The Bermuda market enjoyed a strong start in 2006. The absence of large catastrophes, coupled with higher prices and tighter terms and conditions, produced good results in the first half.
Capital has been restored to its pre-Katrina levels, and new and imaginative forms of capital have been raised in order to meet the shortfall in capacity, especially for U.S. wind risks.
Total gross premiums written in the first half of 2006 by the companies followed by Benfield in its Bermuda Quarterly Report were down 4 percent at $31 billion. (See accompanying table). However, individual company experiences varied widely.
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