On September 6, 2009
Fitch Issues ‘Storm Warning’ for Reinsurers
Life has been jolly good for the Bermuda reinsurers who provide billions of dollars to back up property insurers just in case hurricanes come crashing ashore in the U.S. A recent brush with Hurricane Bill washed away a few inches of sand on that island’s beaches, but otherwise caused very little damage. As already reported by BNET Finance, earnings have been decent and there seems to be little in the way of hurricane activity looming across the Atlantic. The storm season is more than half over and the worst of it, when waters in the Caribbean are at their warmest, has already gone by. Enter Fitch Ratings with its own tropical blast. “Reinsurers may struggle to replenish capital if they suffer…
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