Major industry players gathered here from around the world to talk deals in the midst of a dynamic reinsurance market whose outlook is generally stable–although that could change in a hurry with the downward pressure on prices, rating agencies here warned.

Peter Grant, a director with Standard & Poor’s in London, said that with a combined ratio of 90 and persistent discussion of falling premiums–often in the range of 5-to-10 percent–”you add three-to-six percentage points for claims inflation and see how easy it is for the industry to go from a banner year to a disappointing performance.”

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