Benfield: Re Rates Hold Firm In Soft Market
NU Online News Service, Jan. 19, 2:42 p.m. EST
Benfield Group Ltd. said in a report released today that the reinsurance sector has managed to maintain its underwriting discipline during the 2003-2004 renewal season.
The London-based independent insurance intermediary noted that while property catastrophe prices weakened, "the process was orderly, with no sign of the unbridled competition" which normally characterizes the start of a soft market. Meanwhile, casualty rates rose further, albeit at a slower rate, Benfield found.
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