Insurers that delayed their reinsurance purchases didn't get any notable late-December bargains from disciplined reinsurance underwriters, but soft pricing trends continued for Jan. 1 renewals–a pattern that will continue for the foreseeable future, reinsurance executives say.
Michael Sapnar, chief underwriting officer of domestic operations for Transatlantic Holdings in New York, confirmed that some insurers waited longer to ink deals, knowing there was ample capacity in the reinsurance market to satisfy their needs, while hoping that prices would be slashed markedly if they waited long enough.
The deals that got done later were only slightly better for cedents from a pricing perspective, Mr. Sapnar said during a Bank of America Merrill Lynch Reinsurance Renewals conference call last week.
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