Bermuda insurers well-positioned for 2006 [Just like they were for 2005!!!]

Property catastrophe reinsurer PXRE Group was the worst of the bunch as 15 Bermuda-based, publicly-listed insurers reported their – mostly horrendous – fourth quarter results to the SEC during February.
Two-thirds of the firms reported net losses, while only two actually managed to make an underwriting profit, as opposed to relying on investment returns to compensate for a lack of underwriting success. Just about the only thing that many firms were successful at towards the end of 2005 was tapping into the seemingly endless supply of capital available to the industry.