Reinsurance

The international markets present a number of opportunities for an industry that is rich in capital and looking for growth a Guy Carpenter executive said at Rendez-Vous in Monte Carlo.

Despite severe losses during the 2010 first quarter, reinsurance rates are expected to remain soft through Jan. 1 renewals, but much depends on loss activity during the course of this year, two recent reports said.

Pembroke, Bermuda-based Endurance Specialty Holdings Ltd. said it has acquired a portion of Glacier Reinsurance AG's international and U.S. property catastrophe and global specialty reinsurance business

Martin J. Sullivan, the former chief executive of American International Group, has joined insurance broker Willis Group Holdings as deputy chairman, the company announced today.

The credit outlook on the reinsurance industry remains negative, Moody's Investors Service said in its recent report, "Global Reinsurance Outlook," as fundamentals are expected to weaken in the future.

U.S. property and casualty reinsurers saw net premiums written drop 4 percent in the first half of 2010 compared to last year, while underwriting results deteriorated by nearly five points.