NU Online News Service, April 2, 9:38 a.m. EDT
As April 1 property catastrophe market renewals closed, rates continued the same soft market trend witnessed during Jan. 1 renewals, according to a report from reinsurance broker Aon Benfield.
In an update report on its Reinsurance Market Outlook, Aon Benfield, a unit of Chicago-based insurance broker Aon, said that despite significant reinsurer reports of first quarter income impacts, catastrophe losses from the Chilean earthquake, Windstorm Xynthia in Europe, and other global events, the impact on reinsurer capital is not significant.
At Dec. 31, 2009, the industry returned to near record capital while facing level to declining demand for reinsurance from cedents.
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