Two major reinsurance brokerages reported falling prices in the reinsurance market and expectations the reductions will continue into 2008. One firm found underwriters are beginning to abandon underwriting discipline in pursuit of market share.

Reinsurance brokers Guy Carpenter & Company, LLC, a subsidiary of New York-based professional services firm Marsh & McLennan, and Willis Re, a unit of Willis Group Holdings, issued their reviews of the reinsurance market for the Jan. 1 renewals.

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