Bermuda's insurance sector results mask underlying problems: S&P

A report by Standard & Poor's Rating Services Inc. has concluded that growth in Bermuda's insurance and reinsurance sector masks underlying problems, The Royal Gazette reports.

Gross premiums written increased 21% year on year to $16.12 billion in the first quarter of 2016, driven by a few insurers that made major acquisitions in the past 18 months. "When the results are re-examined and with additional outlier companies such as Axis Capital Holdings Ltd. removed, the industry's growth would have been flat," said the report.

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