There were some significant in-laws missing from the industry's "family reunion" this year—the growing number of investors flooding the property-catastrophe market with alternative sources of capital.
But while these newcomers may have been out of sight, they were anything but out of mind during the annual gathering of company and association leaders at the Property and Casualty Insurance Joint Industry Forum, convened last month in New York.
Indeed, a number of those in attendance addressed the impact of hedge funds, private equity firms, pension funds, and individual investors on the property-cat industry. Many of those at the forum, both among panelists and individuals chatting during the breaks, indicated that such players can no longer be dismissed as short-term interlopers likely to scatter at the first sign of a major catastrophe or series of disaster losses.
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