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Rethink - Mono-liners were the big losers this season.
(From Reinsurance)
Our latest rethink was carried out at the end of February, in the wake of the torrent of last-quarter 2005 results that everyone had been half expecting and half dreading due to the financial damage caused by 2005's Atlantic hurricane season.
As a result, the first question we asked was what you thought of the market now you have seen the results. The responses showed that so far, the market was taking an even approach to the situation, with 50% saying that the results had been as they expected; 38% saying results were better than you had hoped; and just 12% of you saying that the results had been worse than you had hoped. One reader said: "Some results seem better than I expected, but I do not believe all of what I have seen."
Looking at the renewal season as a whole, we next examined who had fared best and worst in its duration, and received some rather mixed responses to this. As regards which areas you thought had come off the best in the renewal season, 50% of you said the big traditional European global players had; 21% elected Lloyd's and the London market; 17% said Berkshire Hathaway; 8% said the class of 2001; and 4% opted for the class of 2005.
Interestingly, no one nominated the diversified pre-class of 2001 Bermudians or mono-line catastrophe players. One reader said Lloyd's and the London market had "adapted better and quicker than most European professionals," while another said that they had the "best minds, best market and best brokers." The big traditional European global players were described as being competitive, consistent and knowledgeable.
In contrast, we found much less agreement about who fared the worst in the renewal season. Here, 5% marked the big traditional European global players; 14% went for Lloyd's and the London market; 5% said Berkshire Hathaway; 10% referred to the class of 2001; 19% said the class of 2005; 14% chose the diversified pre-class of 2001 Bermudians; and a whopping 33% said the mono-line catastrophe players. Some of the comments regarding the ...
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