NU Online News Service, June 30, 12:00 p.m.
Although reinsurance prices were down for the June 1 renewals, one reinsurance executive recently speculated that price hikes in the insurance loss warranty (ILW) market--fueled by the Deepwater Horizon disaster--could eventually spread to the reinsurance market.
Jeff Consolino, executive vice president and chief financial officer for Bermuda-based Validus Holdings, made his observations about the ILW market during a session of the Oppenheimer CEO Insurance Summit earlier this month.
During the session titled "Reinsurance: How Have Recent Natural Catastrophe and Weather Events Impacted the Prospects for Reinsurance Pricing?"--which is available on an archived webcast (http://investorrelations.validusholdings.com/phoenix.zhtml?c=207971&p=irol-EventDetails&EventId=3131788)--Mr. Consolino agreed with most commentators that it is too early to tell whether liability exposures related to the sinking of the Deepwater Horizon rig are enough to make a dent in, or even turn, the casualty insurance market.
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