Given the tough pricing environment, skittish capital markets and litany of catastrophe losses seen in 2011, it’s hard to regard the present as a golden age for reinsurers.

Nonetheless, a new report from A.M. Best finds some reason for hope for the Bermuda insurance and reinsurance market. “Despite the impacts of devastating catastrophe losses in 2011, a prolonged soft market and low investment returns, the Bermuda insurance and reinsurance market has managed to preserve its capital base and retrench for what is shaping up to be a difficult yet promising renewal season,” the report states.

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