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Not Totally Terrible: Equity Analyst On Reinsurance Sector

Almost every discussion of 2012 reinsurance rates for U.S. property risks touches on major changes in catastrophe modelsboth the recently released Risk Management Solutions (RMS) version 11.0 U.S. Hurricane Model; and, to a lesser extent, AIR Worldwides revisions released last year but only now making their way through the system....

The outlook for reinsurance providers—and their investors—in 2012 is perhaps best reflected in the title of Keefe, Bruyette & Woods’ (KBW) third-quarter equity-research report: “The Not Totally Terrible Sector.”

Despite a lot of problems and pressures, including concern about reserves and interest rates, “things aren’t falling apart” in the reinsurance sector, says Cliff Gallant, a KBW managing director whose equity research focuses on the P&C industry. Especially for those reinsurers without significant exposure to the more severe global catastrophes this year, “conditions are tough, but nothing terrible,” he says.

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