NU Online News Service, July 14, 3:48 p.m. EDT

Bermuda reinsurers are expected to have a difficult second quarter, with a challenging near-term outlook, as pricing remains under pressure with no sign of rate increases, and profits hit by recent losses, according to a financial analyst's report.

The Bermuda outlook was contained in a Keefe, Bruyette & Woods (KBW) analysis of property and casualty second quarter earnings that otherwise described activity within the industry as "ho-hum."

For the Bermuda companies, KBW said second quarter catastrophic activity was "mild," but noted that losses from the Deepwater Horizon oil rig explosion and subsequent spill into the Gulf of Mexico are expected to erode current-quarter profitability.

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