NEW YORK–A reinsurance executive criticized rating agencies for requiring underwriters to hold twice as much capital as European regulators require under the forward-thinking changes of Solvency II during a rating agency conference here yesterday.

During the Standard & Poor’s annual insurance conference, S&P Managing Director Rob Jones asked Wilhelm Zeller, chairman of the executive board of Hannover Re in Germany, to comment on how Solvency II might impact the market behavior of reinsurers.

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