Challenging market conditions spur reinsurer consolidations

Fitch Ratings Ltd. has said that increasing competition and challenging market conditions are prompting reinsurers in Bermuda to consolidate through mergers and acquisitions, Artemis.bm reported.

The Bermudan reinsurance market appears to be headed for a "wave of consolidation," said Fitch. Reinsurers in the country would continue to be under pressure to consolidate as a result of lack of adequate returns on reinsurance underwriting business, added Fitch.

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