BOSTON—Just as regulation has prompted banks to move toward consolidation, one insurance executive here at the PCI Annual Meeting is calling for the same in his industry. 

Joseph P. Brandon, a consultant with Alleghany Insurance Holdings when it purchased Transatlantic Re for $3.4 billion in November 2011, said during a CEO Panel he predicts "secular consolidation" as the economy continues to slowly improve. 

There will always be a place for "small to medium-sized companies that are nimble," Brandon, now executive vice president of Alleghany adds. Consolidation won't mean a less choices. "There's not going to be an Intergalactic Re," joked the one-time CEO of Berkshire Hathaway's General Re Corp. "But consolidation is going to continue." 

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