Bermuda:Re
BermudaReinsurance . October 2005
Contents
FROM THE MINISTER OF FINANCE
06
The Hon. Paula A. Cox, J.P., M.P. shares some thoughts on
The Hon. Paula A. Cox, J.P., M.P. the Bermuda reinsurance sector.
2004/05: A VERY GOOD YEAR
10
The year to June 30, 2005 saw relatively costly catastrophes
Roger Crombie fail to upset a “golden age” for the Bermuda market—now
ended by Katrina. By Roger Crombie.
KATRINA AND RITA TO
18
A panel of Bermuda’s senior insurance executives addresses
PROMPT A HARD MARKET
2005’s headline storms and looks to the future to decide what
Bermuda Reinsurance they mean for Bermuda’s reinsurance sector.
KATRINA: BERMUDA’S
24
The costliest catastrophe in history takes a bite out of
$10 BILLION STORM
Bermuda’s capital and surplus, and replacement capital is on
Roger Crombie the way. Analysis by Roger Crombie.
WOLF AT THE DOOR: TWO BAD
30
Taken together, the 2004 and 2005 hurricane seasons represent
HURRICANE YEARS
the most destructive and insured-loss causing 24 months
Dr. Steve Smith on record. Dr. Steve Smith, with additional commentary
Stephen Breen
from Stephen Breen, examines the underlying climatological
similarities between 2004 and 2005 and highlights what new
factors the insurance industry might consider.
REGULATING THE
36
Jeremy Cox presents the regulator’s point of view and
REINSURANCE INDUSTRY
explains how Bermuda’s high standards yield global benefits.
Jeremy Cox
REINSURANCE INVESTMENT
40
John Gauthier discusses ways reinsurers can make the most of
PERSPECTIVES
their corporate bond portfolios.
John Gauthier
WRITING REINSURANCE
46
Jan Woloniecki offers some legal points in an adaptation from
CONTRACTS WITH US INSURERS
The Law of Reinsurance in England and Bermuda (Sweet &
Jan Woloniecki Maxwell, 2004), which P.T. O’Neill co-wrote with him.
BermudaReinsurance . October 2005 5
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