Reinsurance sector is victim of own success: ratings agencies
The reinsurance industry's resilience in weathering the financial crisis has produced a glut of capacity, three major ratings agencies have said.
Fitch, Moody's and Standard & Poor's (S&P) have written reports on the reinsurance market to coincide with the Monte Carlo Rendez-Vous, and they make fairly discouraging reading. Rates are falling with no obvious catalysts for a re-rating, demand is modest, reserve releases may be dwindling and investment returns are meagre.
Compounding the difficulties of CEOs, valuations are at historic...
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