Energy up on heavy individual losses
Energy reinsurance renewals have proceeded with rate rises and higher retentions after a year of high losses.
Marine and energy rates were up 5-10 percent for loss-free accounts and were 15-20 percent higher on loss-hit accounts, broker Willis estimated in its "1st View" renewals report.
Meanwhile, energy-exposed excess of loss reinsurance supply was tightening up.
This comes after reinsurers took nearly $3bn in losses over 2011 from the upstream energy market, according to specialist wholesale broker Lloyd & Partners. Nearly...
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