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U.S. reinsurance buyers expecting a continuation of the soft market for Jan. 1 renewals might be disappointed, as higher than expected catastrophe losses and the fallout from the global financial market meltdown are putting both capacity and rate stability in jeopardy, market experts warn.

The market outlook has “quickly and dramatically” changed for buyers in the past few weeks, Jed Rhoads, managing director of Harbor Point Re’s U.S. Property Reinsurance, based in Pembroke, Bermuda, told National Underwriter.

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