While the U.S. reinsurance sector is being hailed as strong and resilient after weathering one of the worst financial storms since the Great Depression, the deepening recession has dampened demand and flattened pricing going into the Jan. 1 renewal season, industry observers say.

“Obviously we’ve gone through one of the greatest economic crises in recent history, and this industry has not been unscathed,” said Pierre Ozendo, chair and chief executive officer of Swiss Re America, based in Armonk, N.Y. “As a whole, the industry has lost a significant amount of equity.”

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