With the Jan. 1 reinsurance renewal season proving something of a disappointment, insurance industry eyes are now on April 1, when a significant portion of the Japanese risk renews, said one leading property-casualty analyst.
After meeting with several Lloyd's syndicates and London-based brokers, Bear Stearns analyst David Small said that European price hikes proved disappointing to reinsurers as many carriers renewed at the current rate to maintain market share. In addition, Bermuda appeared to seek non-U.S. exposure for portfolio diversification.
“Marine and energy have seen both rate increases and significant terms and conditions tightening, with some London participants indicating that Bermuda insurers have generally shied away from these risks,” Mr. Small wrote.
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