Rating agency Standard & Poor’s held a roundtable panel discussion in a stormy Monte Carlo yesterday, which examined a variety of industry threats including soft rates, low interest rates and inadequate reserves.
The soft market shows no sign of going away, but does seem to be coming in for a soft landing, according to the participants at a roundtable hosted by rating agency Standard & Poor’s (S&P) in a very wet Monte Carlo yesterday (Sunday September 13).
Dennis Sugrue, director, insurance ratings at S&P, started off by summarising S&P’s recent findings. He said that, in S&P’s view, the reinsurance market has behaved responsibly by taking defensive actions in order to protect balance sheets, and that S&P does not expect to see any rating changes in the next 12 months.
Sugrue then turned to the participants on the roundtable and asked if they felt pricing had yet reached the bottom—or if it might be nearly there yet?
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Standard & Poor’s, North America