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Class of 2005: Tried and tested?
03 November 2008
Despite being only three years old, the precocious class of 2005 believes a stormy hurricane season and turbulent financial markets have proved it can mix it with the big boys. Helen Yates reports.
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bermuda
reinsurance
class of 2005
ariel re
validus
flagstone
lancashire
Almost three years on from when they were established, there is still an air of snobbery surrounding the class of 2005. More established players in the Bermuda reinsurance market think these new kids of the block have yet to be tested. Yet this precocious generation of start-ups have grown up quickly. Each has made inroads into new markets and developed through acquisition. With such a head start and almost three full years under their belts, could the tough conditions of 2008 finally test their mettle?
Two of the class of 2005 – Validus and Flagstone – appeared in AM Best's league table of top 35 reinsurance companies for the first time in 2008. The rating agency noted that Validus's leap into the 28th spot was largely down to its acquisition of Lloyd's insurer Talbot in 2007 – a purchase that added $285m to Validus's premium volume. Flagstone – which scraped...
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