The reinsurance industry took the brunt of the losses in the recent battle in the Florida Legislature over catastrophe insurance rate reform, said two leading investment banks in notes to investors.
Bear Stearns analyst David Small said a recent conference call that included national and Florida property-casualty industry leaders concluded that reforms passed by the Legislature will squeeze private primary and secondary insurers out of the market.
"The call reinforced our view that reinsurers will be most negatively affected by the new legislation," Mr. Small wrote.
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