With a second straight year of benign loss activity contributing to a second year of record earnings, Bermuda insurers and reinsurers ranging from established old-timers to relative toddlers face an enviable problem--an embarrassment of riches.
Alan Murray, senior credit officer of Moody's Investors Service in New York, described the situation that way as he highlighted "robust balance sheets and strong operating profits" among factors leading the rating agency to put a stable outlook on the Bermuda insurance market.
"These companies have better capitalization than they've ever had, and their profitability is fantastic with no [major] catastrophes this year," he said. "With the stars seemingly all aligned, one might very reasonably ask: 'Doesn't this translate to good news for the industry?'"
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