The era of catastrophe-focused traditional reinsurers appears to be over, rating agency AM Best announced today, as the pulling-back continues in some quarters, while the addition of more diversifying lines of business accelerates among once cat-specialist US and Bermuda based reinsurance firms.
AM Best explained in a recent report that the catastrophe exposed regions of the world remain challenged, with insurance and reinsurance capacity not as abundant as before.
There are, “Constraints in certain areas, particularly in frequency layers of natural catastrophe programs, aggregate covers, and peak catastrophe zones in the US,” AM Best explained.
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