Standard & Poor's has changed its outlook for the global reinsurance industry from negative to stable.
Simon Marshall, S&P credit analyst, said: "The industry has managed the massive losses of the 2005 hurricane season and is enjoying the profits and healthy balance sheets that have resulted from a continued hard market.”
S&P indicates that the reinsurance sector has an improved operating environment. Regulation, risk management and transparency have all improved.
The industry still faces challenges, such as a squeeze on retrocession capacity and the aftermath of the hurricane season, but £7.4bn of new capital entered the market in late 2005.
Laline Carvalho, S&P credit analyst, said: "Improvements in modeling, underwriting, and pricing are bound to follow the catastrophe losses of 2005, but whether these will be sufficient to drive down volatility remains to be seen."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
