BOSTON--Primary insurers' efforts to scrutinize the security of prospective reinsurers are having a negative impact on an already soft reinsurance market, an industry expert said here.
Elizabeth Mitchell, president, Platinum Underwriters Reinsurance in New York, who is also a fellow of the Casualty Actuarial Society, made the observation during the opening session of the CAS Seminar on Reinsurance in Boston Monday.
Ms. Mitchell and two other actuaries agreed that while reinsurers are exercising more pricing and underwriting discipline than their primary insurance company counterparts, an orderly reinsurance market that prevailed during the Jan. 1 renewal period is starting to unravel.
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