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Reinsurers chronically underpricing catastrophe products: XL Group

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Mike McGavick, chief executive of Bermuda-based insurer and reinsurer XL Group Ltd., said that the reinsurance industry has been chronically underpricing catastrophe-exposed products, Artemis.bm reports. As a result, after major losses, such as the recent hurricanes and earthquakes, the market reaches an inflection point as it looks to reprice, Mr. McGavick said. 

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