Hybrid Securities Remain Popular Financing ToolFor the past two years, the stars have been aligned for property-casualty insurers looking to raise capital. Interest rates have been at historically low levels, and investor demand for comparatively high-rated insurance sector debt and equity capital that could be utilized under hard market conditions has been strong.

These conditions existed during a period in which many insurers needed to raise external capital, either to support premium bases that grew substantially during the hard market or to rebuild balance sheets damaged by reserve deficiencies related to asbestos claims or the soft market conditions of the late 1990s.

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