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Member, Beacon International Group, Ltd.
U.S.-based reinsurance broker Willis Re Inc. has said that January reinsurance renewals have set the stage for another demanding year for the industry, as further price declines and rising combined ratios are likely to erode profits, Artemis.bm reports. "The ability to produce yet another profitable year, somewhat against the underlying pricing models, has meant that the threshold to force a market pricing stabilization has not yet been reached," said John Cavanagh, global CEO of Willis Re.