Bermuda-based re/insurers monitored by Fitch are expected to see a drop in underwriting profit in 2025, reporting an average combined ratio of 92% in 2025, up from 90.7% in 2024, the ratings agency said.For the first nine months of 2025, Fitch said the group of Bermuda re/insurers it tracks posted solid underwriting profits, with a combined ratio of 91.0%, up from 86.4% for 9M 2024. (Combined ratios below 100% indicate underwriting profits). “This increase [in combined ratios] was due to higher catastrophe ...