Hurricane Katrina losses have spurred higher prices in property and marine insurance and reinsurance segments, but they may not be sustainable, a rating analyst said earlier this week.

Matt Mosher, a rating analyst for A.M. Best, and several reinsurance company executives raised concerns about pricing during a Tuesday seminar hosted by Morgan Stanley in New York, titled "The Bermuda Model: Can the Experiment Succeed?"

Mr. Mosher noted that evolving changes in rating agency models may require some companies to hold more capital–and higher capital, in turn, could drive prices down.

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