Time is running out for balance sheet repairs
In retrospect, the U.S. casualty reinsurance market of the late-1990s is a case study for the risks inherent in the property and casualty reinsurance business.
The combination of soft-market pricing and adverse claim trends arising from medical and social inflation, as well as expanded coverage, has led to significant increases in loss reserves for casualty business written between 1997 and 2001. The reserve charges taken for these legacy exposures during the past few years have forced several firms into run-off, including Gerling Global Reinsurance Corporation of America, PMA Capital Insurance Company and Converium Reinsurance North America.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
