Ceding company behavior aimed at scrutinizing the security of prospective reinsurers is having a negative impact on an already soft market, one reinsurance expert warned here.
Elizabeth Mitchell, president of Platinum Underwriters Reinsurance in New York–who is also a fellow of the Casualty Actuarial Society–made the observation during the opening session at the recent CAS Seminar on Reinsurance here.
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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