NU Online News Service, June 11, 2:50 p.m. EDT
NEW YORK--With $100 billion in excess capital, the property and casualty insurance market is not turning, a Wall Street analyst said Thursday, and a carrier executive attributed existing conditions to the absence of AIG's historical price leadership.
The analyst, Jay Gelb, managing director of Barclays Capital, speaking Thursday at the S&P Insurance Conference held here, said the commercial lines and reinsurance markets will be soft "for at least several years barring major catastrophe losses," or some other type of shock to industry capital.
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