Having endured $50 billion in catastrophic losses in 2011, among the most expensive ever for global reinsurers, the sector has demonstrated ‘financial resilience,’ according to “Reinsurers Show Resilience Under Weight of Catastrophes, Economic Woes,” a report from A.M. Best.

Reinsurers mostly produced underwriting losses last year and earnings and capital were flat. However, investment income and capital gains, attributable to declining interest rates against fixed income portfolios, helped stabilize capital positions and were largely responsible for the sector’s modest profits.

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