Bermudian-based insurers and reinsurers, many of which trade on US stock exchanges, have been notable beneficiaries of this rotation to defensive sectors over the past two months. This marks a stark contrast from the broader market, with the S&P 500 Index down 2.3 per cent over the same period. The S&P 500 Insurance Industry Index yesterday hit an all-time high, with brokers some of the top performers. He added that property and casualty insurance “fundamentals have remained solid through early 2Q results, albeit underperforming on growth,” he added. However, Mr Krinsky cautioned that the trade may now become crowded and could reverse if investors return to Big Tech after earnings.