While some reinsurance market participants shared tales of early turbulence in the renewal process for Jan. 1, once the dust settled, both sellers and buyers got a little less than they bargained for, brokers reported. “It's almost a situation now where I think everybody's a little bit displeased with the outcome, which is probably an okay settling point,” said Timothy Gardner, global leader of property at Guy Carpenter in New York. “Clients obviously still feel like they're paying too much. Reinsurers probably didn't feel like they got quite what they wanted.”
“Maybe that's the sort of state we should be targeting,” he said. “I think, overall, the market's in a pretty healthy place.”
Focusing on the property-catastrophe reinsurance market, brokers said the renewal process went far more smoothly for Jan. 1, 2007, than for Jan. 1, 2006–and stood in marked contrast to the “crisis conditions” at midyear 2006. But that doesn't mean the process was entirely uneventful.
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