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Bermuda shores in 2009, as underwriting profits and investment recoveries for a group of insurers and reinsurers erased a $10 billion capital drop for 2008.

In total, 17 publicly traded companies with large established Bermuda operations reported $79.4 billion in shareholders’ equity at year-end 2009, compared to just over $62 billion at year-end 2008 and $72.5 billion two years earlier at year-end 2007.

With full-year 2009 combined ratios averaging 84 for the group, meaning that 16 percent of every net premium dollar earned was recorded as underwriting profit, bottom-line net income for the group was nearly $12 billion in total (including investment earnings), compared to an aggregate net loss of roughly $300 million in 2008.

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