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Member, Beacon International Group, Ltd.
Fitch Ratings Inc. said the continued softness of insurance and reinsurance pricing will affect the profitability of London market insurers and reinsurers, but most will remain in the black even if claims levels return to normal levels, reports Artemis.bm.
The pressure on pricing is likely to spread, said the rating agency. Some insurers and reinsurers continue to diversify into casualty, specialty and other areas of the market, said Fitch, adding that this will "lead to further price falls in these lines as well”.