Reinsurers recapitalized significantly in 2009, but while pricing was down for the latest Jan. 1 renewal season as a result, underwriting remained disciplined in a softening market characterized by one top broker as "orderly."
A trio of major brokerages issued reports on Jan. 1 renewals last week–Aon Benfield (the reinsurance brokerage arm of Chicago-based Aon Corp.), Willis Group Holdings' Willis Re, and Guy Carpenter, owned by Marsh & McLennan.
Aon Benfield's report, "Remarkable Recovery," said that capital increased "dramatically" for both insurers and reinsurers in 2009 from the lows in March of last year.
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