The recapitalization of the insurance industry began with a bang last month as Swiss Re and Zurich Financial Services kicked off an estimated $30 billion fund-raising spree by the sector.
Insurers, facing mammoth payouts after the September 11 attacks and a hefty decline in investment income, need to bolster their balance sheets. New reinsurance companies are being set up to take advantage of soaring premiums. And investors are lapping it up.
Within weeks, the insurance cycle has turned from bust to boom.
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