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The Bermuda reinsurance market has taken a beating after this year’s string of catastrophes.

“The Bermuda market is predominantly a catastrophe-driven model—and you would expect that when there are catastrophes, it’s Bermuda that will take a big chunk of that,” says Julia Mather, head of advisory-service Miller Bermuda.

After all, cats, she notes, are “the whole reason Bermuda is there. [Reinsurers] just have to hope their chunk isn’t greater than they expected.”

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