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The six listed Bermudian (re)insurers all reported higher premium growth in the fourth quarter of 2017, as their top lines were bolstered by a combination of M&A, reinstatement premiums, back-up covers and positive rate momentum.
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Although Q4 was another messy and loss-hit quarter for Bermudian carriers, when looking at the group's results it is perhaps more important to step back and observe the full-year and longer-term trends
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Global credit and political risk insurance capacity has increased by nearly a third since 2015, with the market increasingly willing to take on financial risks without trade collateral.
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Protection and indemnity club leaders canvassed by The Insurance Insider have raised concerns that double-digit year-to-date returns from equity investments are allowing clubs to hide imprudent underwriting.
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US property claims from third quarter catastrophes and the sudden change in the UK's personal injury discount rate helped to nudge up reinsurance rates at the 1 January renewals.
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P&C (re)insurance stocks moved in line with wider market indices during the equity sell-off over the past fortnight, despite the fact non-life names are often viewed as safe-haven investments that protect against market volatility.
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Last week, AIG reported Q4 operating earnings per share of $0.57, versus Wall Street's consensus estimate of $0.75.
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Reinstatement premiums and increased demand for back-up covers in the aftermath of last year's North Atlantic hurricanes boosted reinsurance brokers' organic revenues in the fourth quarter.
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Early reporters within The Insurance Insider's coverage universe have so far mostly beaten consensus estimates for the fourth quarter, with share prices rising in reaction to the wins.
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Underlying loss ratios in the fourth quarter increased at all but one of the P&C (re)insurers in our study, highlighting the prevalent trend of loss-cost inflation running ahead of earned rate.
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Recent commentary from early reporters points to optimism that growth momentum is improving.
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Though a small sample size, the initial data points from early reporters point to more pressure at Bermudians and better trends at US carriers.