Bermudan reinsurers that sprang up to take advantage of hardening rates post-Katrina may have entered the market too late to reap the rewards, according to reinsurance brokers Aon and Willis.
The brokers said insurers such as Amlin Bermuda, Ariel Re, Hiscox Bermuda and Omega Specialty have not seen the rate hikes initially predicted in lines outside those immediately affected by the hurricane season.
Charlie Cantlay, deputy chairman of Aon Re UK, said: "Bullish predictions of 'across the board' rate increases on all lines of reinsurance in respect of product or domicile, have not materialised."
According to Aon, the cost of capital is also likely to increase by an average of 15% due to the imposition of higher capital adequacy requirements by rating agencies, squeezing margins.
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