...June 5, 2012 The strengths of the reinsurance sector enabled it to emerge from 2011 with its capital base largely intact. The large number of severe natural catastrophic events in 2011 extracted a heavy toll both in terms of fatalities and economic and insured losses, which hurt the global non-life reinsurance sector's operating results. Munich Re estimated that insured losses due to natural catastrophes in 2011 were $105 billion, which topped the prior record of $101 billion in 2005. These catastrophic events were spread across the Pacific Basin and North America. In general, Standard & Poor's Ratings Services believes that global non-life reinsurers hold excess capital relative to their rating levels. However, the amount of excess capital diminished somewhat during 2011 because of the record level of catastrophe losses and management returning capital to shareholders through dividends and repurchased shares. In addition, the reinsurance sector's risk-adjusted capitalization declined because...