REINSURANCE ARTICLES OF INTEREST
AM Best recently published its yearly financial review on the global reinsurance market. AM Best noted the resilience of reinsurers, pointing out that economic volatility and catastrophic loss events combined to create an approximate $110 billion loss for the reinsurance market in 2011. Nevertheless, the report noted that “reinsurance capacity remained ample despite the magnitude of losses and unrelenting headwinds.” In fact, reinsurers ended the year at approximately the same level of capital as they started.
In addition, the International Who’s Who of Insurance and Reinsurance Lawyers brought together two leading practitioners—Peter Mann of Clayton Utz, Australia and Laura Foggan of Wiley Rein LLP, Washington DC—for a roundtable to discuss key issues for the industry. In particular, the attorneys explained that recent legislative and regulatory changes in both Australia and the US have somewhat altered the playing field. The panel also discussed areas of possible growth for the industry as well as areas that have become hotbeds for litigation.
This post written by John Black.
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