With at least five upgrades for Bermuda property-casualty companies since October 2007, it may appear that a variety of strategies to diversify books of business are prompting A.M. Best analysts to take a more positive view of the market.
Even though all of the Bermuda insurance and reinsurance executives interviewed by NU recently outlined strategies to broaden their horizons globally and by product line, analysts at the Oldwick, N.J.-based Best rating agency say diversification schemes in and of themselves will not translate into top ratings.
"I'm going to use the word 'restore,' rather than 'upgrade,'" said Robert DeRose, an A.M. Best assistant vice president, going on to explain that three factors allowed the ratings of Bermuda insurers such as Endurance Specialty and RenaissanceRe to be lifted in 2007 back up to pre-2005 levels.
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