Reinsurers liked what they saw in the casualty insurance market for Jan. 1, but they may find the segment less appealing if insurance prices drift lower, experts predict.
According to Linda Johnson, executive vice president for casualty in the Minneapolis office of Benfield Group, casualty reinsurance conditions “are sitting at a comfortable equilibrium right now. There is certainly adequate capacity across all lines of business. Pricing is down slightly, but not overwhelmingly. Programs are being concluded at very strong security or at a slight decrease–nothing dramatic.”
Kevin Kelley, chairman and chief executive officer of Boston-based Lexington Insurance, noted that casualty business was easier to renew than property for Jan. 1. “The [reinsurance] market is much more robust and much more interested in writing casualty,” he said.
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