S&P: Reinsuring cat risk increasingly unprofitable

Catastrophe risk reinsurers are now twice as likely to fail to
break even in any calendar year as they were four years ago,
according to Standard & Poor's (S&P).
"If reinsurers faced a series of midsize catastrophe
events, resulting in a slightly above average catastrophe year, the
sector could move into unprofitable underwriting [territory],"
the agency warned in a report released today.
It calculated that reinsurers had a 12 percent chance of posting
an underwriting loss due to catastr