Bermudan reinsurers show solid H1 results

According to Moody's, Bermudan reinsurers have posted strong results for the first half of 2023.

As at 30 June of the current year, the average combined ratio for the entire market improved by 2.1 points to 83.4%. Local reinsurance companies recorded a 12% and 27% growth in their overall turnover and operating result respectively.

The main factors behind the positive trend in the sector's profitability included the good underwriting performance, higher reinsurance rates on recent renewals, and improved investment income.