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OLDWICK, N.J.While 2007 should be another good year for the global reinsurance market, it will depend upon how well reinsurers manage catastrophic exposures relative to capital risk, given that there are expected to be more catastrophes this year than last, says Oldwick, N.J.-based A.M. Best Co. in a special report.
"Although mixed, the Jan. 1 renewal season set the tone for near-term optimism despite the increased competition primarily associated with noncatastrophe-exposed business lines," says the report, "Global Reinsurance-2006 Market Review."
However, "the optimism for longer-term robust performance from the reinsurance sector is somewhat dimmed due to the resounding sentiment that market conditions will continue to deteriorate, particularly for noncatastrophic-exposed business lines," the report says.
Furthermore, "many cedents, enjoying the strongest industry results in decades, continue to retain more risk, thereby reducing the overall demand for reinsurance," the report says.
Other topics covered in the 32-page report include a list of the top 35 reinsurers and information on Lloyd's of London and the London market; mergers and acquisitions; Bermuda; the Asia/Pacific region; life reinsurance; the European reinsurance directive; the collateralization requirement; the Florida hurricane catastrophe fund; and securitization.
BestWeek subscribers can download a PDF copy of the report at www.bestweek.com. Nonsubscribers can download a copy of it from the same Web site for $110. For more information, call customer services at 908-439-2200, ext. 5742.