At least half a dozen of Bermuda's new (re)insurers look set to figure in Reinsurance's ranking of th...At least half a dozen of Bermuda's new (re)insurers look set to figure in Reinsurance's ranking of the world's top reinsurers next year (see August 2002 issue for 2001 rankings.)
First half 2002 results (see table) for the companies, which were all created in the wake of the 11 September 2001 terrorist attacks, show that they have won substantial amounts of business.
However, all but DaVinci Re started with at least $1bn of capital so they need to generate significant premium volumes if they are to avoid the under-gearing of their large capital bases.
NEW BERMUDIANS' RESULTS - JANUARY-JUNE 2002 ($m)
|Gross written premiums||Net written premiums||Net income|
|Allied World Assurance||405.2||397.9||44.0|
1.Includes already existing US operations
* Net earned, not net written premiums
NA = Not available
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