The covered agreement between the EU and the US will establish a level playing field for transatlantic reinsurance business. But as it makes underwriting more attractive for reinsurers from the opposite side of the Atlantic, it is set to increase competition in both markets, adding pressure on pricing and conditions in an already soft market. Other countries like Switzerland don't want to be left behind.
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American International Group (AIG) entered into an adverse development reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway.