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Bermuda Insurance and Reinsurance Market Review
01 February 2012
Bermuda’s insurers and reinsurers have weathered a torrid 2011 for catastrophes and are now looking optimistically forward to this year, with further price increases and M&A the talk of the island.
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The island of Bermuda, nestled in the Atlantic Ocean, has had what might be described as an active year, not least for the numerous hurricanes such as Irene, which passed close to the territory.
The insurers and reinsurers on the island have been active beyond simply boarding up their windows, however. Following an active renewals season, Reactions spoke to leading members of some of the largest firms in Bermuda to gauge the state of the market at the entrance to 2012.
Locals say that the Bermudian industry has weathered the storms of 2011 in more ways than one, and although challenges remain it is clear that the industry is hoping for a more peaceful, and positive, year.
A mood of cautious optimism seems to have washed over the Bermudian market, with almost all stating that 2012 should prove that the lessons of the past 12 months have been thoroughly learned.
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