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Member, Beacon International Group, Ltd.
U.S.-based ratings agency A.M. Best Co. Inc. said that property catastrophe pricing is no longer as heavily influenced by the traditional reinsurance market as it was before and is now "at the mercy of the alternative capital market," Artemis.bm reports. The ratings agency said that this is "an important distinction as regards current market dynamics," as any near-term improvement in prospects for reinsurers following the major catastrophe losses of the third quarter may be relatively short-lived.