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Rates fell this year because of the record $425 billion of surplus capital that was available to underwrite risk, coupled with one of the quietest years for catastrophe losses in the past decade. (Photo: Thinkstock)

(Bloomberg) — The world’s largest reinsurers are anticipating even bigger price declines when policies are renewed in 2016 than envisaged a month ago as a flurry of takeovers in the industry fails to absorb some of the excess capital.

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