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Fitch: Bermuda Insurers' Ratings Remain Materially Unchanged,
by Leroy Baker, Tax-News.com, New York
Tuesday, February 02, 2010
Capitalization and returns on capital are likely to remain broadly supportive
of Bermuda market (re)insurers' ratings over the next 12-18 months despite cyclical
pressures, according to Fitch Ratings.
Fitch's expectation is that Bermuda (re)insurers' market capitalization metrics
will remain materially unchanged despite expected share repurchases. Returns
on capital are likely to be in the high single digits as the soft rate environment
and a reduction in favorable reserve development reduce earnings in 2010.
Improving capital market conditions including recoveries in equity market prices
and reductions in corporate bond spreads bolstered Bermuda market (re)insurers'
capital positions significantly in 2009. From a credit perspective, Fitch views
this as somewhat offsetting the negative effect of the soft pricing environment
faced by Bermuda market (re)insurers.
Fitch notes that its universe of Bermuda market (re)insurers generated an 85.5%
combined ratio for the first nine months of 2009. As insurance companies report
fourth quarter 2009 earnings over the next several weeks, Fitch expects that
the Bermudian companies will report strong full year underwriting profits and
returns on capital. The industry benefited from a benign hurricane season and
favorable reserve development in 2009. Fitch expects these trends to be less
favorable in 2010.
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