Quote of the Day – reinsurance renewals

Brian Boornazian, Aspen Re chief executive:

What actually happened on Jan. 1 is that we saw a market hardening in certain lines, but not a ‘classic’ hard market. The signs all point to an industry awareness that the risk being assumed needs more rate to produce adequate returns. The insurance and reinsurance markets are starting to accept the need for change. But, so far, only cat-exposed and loss-affected contracts are experiencing any significant improvement to rates.

A nice roundup here.

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