The property reinsurance market, despite a severe midyear U.S. capacity crunch, has recovered rapidly from record 2005 losses and marketplace competition is heating up, according to a brokerage firm's study released today.
Benfield, the London-based independent reinsurance and risk intermediary, made that finding in an 88-page report, titled "Pick'n'Mix," reviewing renewals, trends and issues in the global reinsurance market.
Benfield said although post-Katrina market discipline has not evaporated, competition in both property and casualty is being fueled by the drive for greater diversification, the appetite of newcomers to enter the market and the determination of established reinsurers to protect market share.
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