Casualty Re Not Quite A Sellers Market
Although casualty reinsurers tried for exorbitant rate hikes in December 2001, by the time most deals were done in mid-January, reasonable and adequate price changes had been agreed upon, market participants report.
"In the early part of this renewal cycle, there were reinsurers throwing out quotes–sort of like throwing something on the wall and seeing if it sticks–a little on the high side," said Gregory Sandvik, managing director for Guy Carpenter in Stamford, Conn. "And a lot of that was not sticking and they were willing to back off [later]," he added.
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