Bermuda underwriters’ net income up 23.9% in 2013

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Bermuda underwriters surveyed by the Association of Bermuda Insurers and Reinsurers reported net income of $11.70 billion in 2013, an increase of 23.9% from 2012, the ABIR said Thursday.

The group of 18 insurers and reinsurers — out of 21— wrote $70.05 billion in premiums, a 5.5% increase over that of a year earlier. The group’s combined ratio was 85.0%, compared with 91.5% in 2012.

“The $11.7 billion in net income demonstrated earnings power during a year characterized by low catastrophe losses. But this number was still below net income reported by the membership in 2009,” said Bradley Kading, president and executive director of ABIR, in a statement.

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