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Member, Beacon International Group, Ltd.
John Charman, CEO of Bermuda's Endurance Specialty Holdings Ltd., has said that reinsurance renewal pricing is nearing a floor, reported Artemis.bm.
The market for catastrophe risks is nearing the point on pricing beyond which underwriters will not be willing to go, said Mr. Charman.
"Reinsurance conditions remain much more competitive across the board, with short-tail catastrophe exposures facing continued pricing pressures," said Mr. Charman.
Mr. Charman said that although Endurance anticipates the market to "stabilize through the rest of this year," the outlook remains challenging.