Bermudians' profit cut 5% by cat, Ogden hits: S&P

Bermuda's (re)insurers took a collective hit in the first
quarter as the surprisingly-large Ogden rate adjustment and a surge
in US catastrophe losses drove a nearly 5 percent drop in net
income, Standard & Poor's (S&P) said in a report.
Collectively the Bermudians' combined ratio deteriorated 3.3
points to 94.0 percent, including a benefit of 2.7 points from
reserve releases, 2.8 points less than in the first period of
2016.
Net premiums written inched up 0.4 percent to about $12.65bn,.