As a result of the ongoing soft market, a “who blinks first” environment pervaded Jan. 1, 2011 reinsurance renewals, with buyers holding out for the best terms and reinsurance underwriters standing firm or pushing back, according to market participants.

During a late-December 2010 NU interview, Robert Childs, chief underwriting officer at Hiscox, which writes both insurance and reinsurance, said primary insurers were starting to move to end the stalemate, providing his own answer to what he said was the key question of the Jan. 1 renewal season—“Who blinked first?”

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