Part of the reinsurance market lies in turmoil while other sectors may be experiencing a stabilization in pricing, creating a "Tale of Two Markets," according to a report issued by insurance broker Willis Group Holdings.

In a report on this year's January renewals, issued by Willis Re, Grahame Millwater, chairman and chief executive officer, wrote that 2005 was an extraordinary year for catastrophes, but the hurricanes through the Gulf of Mexico that year "are on all our minds" as insurers work to complete Jan. 1 renewals.

Reinsurance markets "such as retro (retrocession), marine, energy and U.S. property [are] in significant turmoil and undergoing major revisions of terms, conditions and structure. However, in other parts of the reinsurance market…the environment is best described as 'stable' rather than 'hard.'"

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