Reinsurance

RenaissanceRe Holdings Ltd. announced the retirement of two key executives and the promotion of Kevin J. O'Donnell to executive vice president and global chief underwriting officer.

Reinsurers recapitalized significantly in 2009, but while pricing was down for the latest Jan. 1 renewal season as a result, underwriting remained disciplined in a softening market characterized by one top broker as "orderly."

Insurers that delayed their reinsurance purchases didn't get any notable late-December bargains from disciplined reinsurance underwriters, but soft pricing trends continued for Jan. 1 renewals.

Most reinsurers have far more capital than a year ago, capacity is abundant, but problems lie ahead for the marketplace, Holborn reinsurance brokerage predicted.

Reinsurance rates across most lines of property and catastrophe business declined for Jan. 1, 2010 renewals, according to a study released by reinsurance broker Guy Carpenter & Company, LLC.

Insurers didn't get any notable late-December bargains from disciplined reinsurance underwriters, but soft pricing continued for Jan. 1 renewals--and remains in place for the foreseeable future, reinsurance executives said.