SCOTTSDALE, Ariz.–The head of a major insurance brokerage said yesterday he doubts there will be much hardening of reinsurance prices in the immediate future.
At a gathering here for the Property Casualty Insurers Association of America (PCI) annual conference, Paul Karon, chairman of Benfield Inc., told National Underwriter he thought reinsurers were talking up hardening of the market but not living up to the verbiage.
“I don't think their hearts are in it,” he commented, adding he also thought reinsurers lacked “the intestinal fortitude” to risk losing business with rate increases.
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