Bermuda-based reinsurers absorbed 45% of last year’s catastrophe losses, pushing nearly half of the companies into the red last year.

The Association of Bermuda Insurers and Reinsurers (ABIR) says 21 of its 22 reinsurer members reported a combined 6% increase in gross written premium to $US65 billion ($62.6 billion).

But net income slumped to $US1.5 billion ($1.4 billion) from $US11.4 billion ($11 billion) in 2010. Ten of the companies made a net loss.

ABIR President Bradley Kading says the combined capital base of the 22 reinsurers remained steady at $US90 billion ($87 billion).

“It’s remarkable that the reinsurers in the ABIR membership could absorb record-setting catastrophe losses yet on average continue to maintain a steady, solid capital base,” he said.

“This accomplishment is a testament to the underwriting discipline and diversification of business that makes this market strong.”

ABIR members and affiliates are estimated to write 40% of broker-placed property catastrophe reinsurance globally.