Specialty lines have stabilised after turbulence, but challenges remain

The last year-end renewal was one of the most challenging for decades for the global specialty reinsurance markets, which have endured a turbulent period. A much greater sense of stability now exists in the sector, but cedants should not rest on their laurels and must be prepared.

That is the advice of James Boyce, chief executive officer, Global Specialties, at Guy Carpenter, speaking to Intelligent Insurer. He said the challenges the specialty markets saw were characterised by a combination of macro-economic factors and historical performance issues which drove changing conditions across nearly every business sector.