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The property reinsurance market, despite a severe midyear U.S. capacity crunch, has recovered rapidly from record 2005 losses and marketplace competition is heating up, according to a brokerage firm’s study released today.

Benfield, the London-based independent reinsurance and risk intermediary, made that finding in an 88-page report, titled “Pick’n'Mix,” reviewing renewals, trends and issues in the global reinsurance market.

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