“In the absence of major catastrophes in the coming weeks, the Bermudians expect to bring home a rich harvest of record profits in 2006.”

2005. The Benfield Bermuda Quarterly companies reported a continuing scarcity of capacity for the US which is expected to push 1 January 2007 property catastrophe rates up to approximately mid-year 2006 renewal rates. Elsewhere, they observed increasingly competitive market conditions.

“In the absence of major catastrophes in the coming weeks, the Bermudians expect to bring home a rich harvest of record profits in 2006,” said Chris Klein from Benfield's Industry Analysis and Research Team. “Many of the companies have recouped their losses from last year's hurricanes and capital management has returned to the agenda,” commented Klein.