New capital will reject start-ups for the tried and tested
As investors contemplate the scorched landscape of depressed (re)insurer valuations, a potential fillip was given today (12 May) with predictions that future capital flows are likely to head towards existing carriers rather than to support start-ups.
A traditional frustration of reinsurers is seeing new capital pour into opportunistic start-ups that feast on the sudden rich market conditions - which can occur after a major insured loss - at the expense of existing underwriters.
A stark example occurred in 2001-02 when...
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