Stephen said in an interview - video available here - that the current hard market is unprecedented in his half century in the industry: “In 50 years, I have never seen a market quite like this. I have never seen potential opportunities to have as much length as they potentially have here."

“The main reason for that in my view is that the investor in whatever shape or size, whether it be private or public, have actually lost appetite in investing in the insurance balance sheet."

He added: “People talk about new capital coming in – it will happen at some point, I agree with that completely – but do I see it happening anytime soon? No, I don’t actually.”

Of the current market, Mr Catlin added: “I have never seen this before – I am very excited.”

Source: Bermuda's The Royal Gazette