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A dozen startups steam into Bermuda and pump more than $8 billion of fresh capital into the industry by the end of the fourth quarter. But rising to the surface, in the midst of the January renewal season, are questions about their credit quality and commitment to the market.

A dozen new insurers pour into Bermuda as the Class of 2005, creating more than $8 billion in new capital to help pay for disasters that are costing in the tens of billions.

Five executives from Europe's top insurers and reinsurers respond to criticism from their European customers, who are sick of footing the bill for catastrophes on the other side of the pond, among other things.