Bermuda reinsurers, which saw record profits in 2006, continued the trend during the first quarter of 2007, according to the latest Benfield Bermuda Quarterly report published today.
Benfield also found that despite a generally softening market, underwriting discipline and increased client retentions slowed top-line growth. At $17.3 billion, total premium written was 1 percent lower than for the same period in 2006. This is despite efforts by some companies to write more first-quarter premium in expectation of weaker June 1 and July 1 renewals.
Light losses and reserve releases helped Bermuda's 16 leading reinsurers produce $3.1 billion in aggregate net income and raise the island's capital base to $66.6 billion, Benfield said.
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