The new Bermuda reinsurance operations created after huge U.S. hurricane losses did not affect 2006 renewal business, but their impact might be felt in the future, according to a reinsurance intermediary's report.
“The new markets arrived too late to exert significant influence on 2006 renewals, but their day may yet come as a counterbalance to the anticipated squeeze in capacity in the months ahead,” said the study by Benfield.
The company also found that the effect of $80 billion in U.S. storm losses was an uneven impact on pricing and capacity at 2006 reinsurance renewals.
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