NU Online News Service, April 7, 1:13 p.m. EST
A global hardening of prices in the property and casualty industry will likely not occur despite one of the worst quarters in underwriting history, says global investment bank Keefe, Bruyette & Woods (KBW).
In its first quarter earnings preview, KBW says it expects nearly all reinsurers from Bermuda to show a loss in the first quarter, with some on pace to remain in the red for the year as a result of the significant global catastrophes—which KBW calls possibly the worst first quarter of catastrophe losses in history for the Bermuda group.
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