Challenging reinsurance, ILS conditions indicate a truly hard market

Brad Adderley, Bermuda managing partner at law firm Appleby, said that shortage of deployable capital in the insurance-linked securities market and high probability of further reinsurance market hardening at the January renewals indicate that the industry is in a real hard market, Artemis reported. Mr. Adderley said several catastrophe bond issuances have failed to materialize and there is a lack of new start-ups.