BestWeek: Battered by Hurricanes, Bermuda Reinsurers Seek Boost From Capital Markets.

OLDWICK, N.J. -- In the ruinous wake left by Hurricane Katrina, possibly the costliest disaster ever to hit the United States, Bermuda's reinsurers are looking to chart a course through the capital markets, preparing for what should be more promising waters in the coming treaty renewal season, according to an exclusive article in the Oct. 10 BestWeek.

Despite the rising loss estimates and questions about the financial strength of some reinsurers, investors appear interested in buying into a sector that has been staggered by Katrina and shaken by what could have happened with Hurricane Rita, but is virtually guaranteed to rise again.

The impact of Katrina and Rita was intense enough to lead Christopher Cox, chairman of the U.S. Securities and Exchange Commission, to announce the SEC would take several actions to ease the rules for insurers and reinsurers seeking additional capital.

Other exclusive BestWeek coverage includes a look at how insurance will help rebuild many houses of worship damaged by hurricanes Katrina and Rita.

In New Orleans, some of the money for rebuilding will come from diocesan insurance coverage provided by Catholic Mutual, the largest mutual self-insurance fund of the Catholic Church in North America.

Pat O'Meara, a partner with O'Meara, Ferguson and Kearns, said it's estimated the New Orleans diocese has about $500 million of insurance coverage.

Also featured is coverage of two industry conferences held last week. Coverage of the National Association of Mutual Insurance Companies annual convention in Phoenix features interviews with executives from GE Reinsurance, American Family Insurance Group and Farmers Mutual Protective Association. Coverage of the 2005 Forum of the Federation of European Risk Management Associations in Lisbon, Portugal, focuses on topics ranging from the results of shrinking global markets to how Europe's corporate structure could stifle U.S.-style business models.

Best's Insurance Composite Index finished the week ended Oct. 6, 2005 at 1,072.91, up 14.13% compared with a year ago. The composite index reflects the performance of 138 insurance stocks. The week's top performers include Merchants Group Inc., NYMagic Inc., Protective Life Corp., Health Net Inc. and Citizens Financial Corp.

BestWeek is published by A.M. Best Co. for insurance professionals, including home office executives, agents and brokers.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.