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Markel: Reserve deficiency and ‘internal bleeding’ likely to turn cycle
Industry-wide, (re)insurers are not recognising a reserve deficiency that has been steadily building on their books, while some players are haemorrhaging internally and masking the problem from the outside world.
This was the uncompromising view expressed by Tony Markel, current vice chairman and former president and COO of specialty (re)insurer Markel Corporation.
Markel added that these powerful dynamics will set a market turnaround in motion when the true results are eventually pushed to the surface, driven by the ongoing rate...
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