Although the London market is unique, trends challenging theworld's oldest insurance center–softening prices, increasingcompetition, pressure to cut expenses–mirror those around theglobe, with the exception of the major fallout from the subprimemarket meltdown in the United States, London experts observed whileattending the recent Reinsurance Rendez-Vous in Monte Carlo.
London is somewhat isolated but certainly not immune from thesubprime woes rocking U.S. financial markets, with concerns raisedabout the amount of directors and officers claims that may emergeagainst players who got in over their heads in the mortgagecrisis.
But in the meantime, as everyone waits to see how the subprimedebacle will play out, “we're all having to grapple with falling[premium] rates, falling investment income, claims inflation,”Richard Ward, chief executive officer of Lloyd's, told NationalUnderwriter.
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