Another Mexican stand-off?
Turn the clock back 12
months and the very viability of the GoM wind product was under
serious threat.
Offshore energy underwriters were reeling from five years that had
delivered a quartet of deadly storms and an incurred
premiums-to-claims ratio of over 360 percent. They were facing the
fact that a repeat performance in 2009 could cause widespread
retrenchment of capital providers and the patience of management to
finally snap under the weight of unsustainable losses.
Their natural response? To...
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