Newly established Bermuda based companies are the fastest growing firms in the Bermuda market, revealed the latest Benfield industry analysis and research. The report covers the third quarter performance of the Bermuda market
It said Arch, Axis and Endurance all reported a more than doubling of their gross written premiums. Aspen and Platinum reported gross written premiums of US$1.2bn and $0.9bn respectively in their first full nine months of trading.
Benfield said there was an increased emphasis on casualty underwriting due to favourable market conditions, reported stabilisation of price rises in the property catastrophe segment and the need to utilise balance sheets fully due to low interest rates.
Combined ratios continued to improve in the Bermuda market, said the report. It said relatively light catastrophe losses had resulted in a substantial out-performance of the European market.
Benfield said a key advantage for the Bermuda market was the stability of credit ratings, with only one downgrade during the third quarter.
The report is available online at benfieldgroup.com/research
