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'Scare Tactics' Decried On Foreign Re Bill

Foreign insurers are "using scare tactics" to maintain the status quo.

By Arthur D. Postal | Updated on July 18, 2010

Foreign insurers are “using scare tactics” to maintain the status quo and discourage Congress from passing tighter rules over the ceding of premiums offshore by the U.S. affiliates of foreign carriers, a leading CEO told a congressional hearing last week.

William Berkley–chair and CEO of the W.R. Berkley Corp. and head of the domestic insurers’ coalition pushing for new legislation–said foreign carriers are “attempting to confuse the real issues by claiming the bill will adversely affect pricing and capacity for catastrophe reinsurance in coastal states and the rest of the U.S. insurance market.”

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