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PCI virtual roundtable: Crisis talks
03 November 2008
Ahead of the Property Casualty Insurers Association of America meeting in Scottsdale, Arizona, Reactions, in association with Towers Perrin, asks some of the market's leading executives about the issues affecting the US property/casualty industry.
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1. Matthew Paskin, group underwriting director, Catlin
2. Andrew Carrier, president and CEO, Argo Re
3. Edward Hochberg, executive vice-president and principal, Towers Perrin
4. Jamie Hole, executive vice-president, global product management officer, Towers Perrin
5. Keith Harrison, managing director, north American reinsurance (London) and principal, Towers Perrin
6. John DeMartini, executive vice-president and principal, Towers Perrin |
How will the financial crisis affect the industry?
Edward Hochberg: In the short run, there are several issues that will affect the industry. First, most (re)insurers are coming to the realisation that post-event funding is not a viable option. Unlike post-catastrophe periods since 1992, the volatility of the capital markets right now makes it difficult for even very established players to have confidence in their ability to re-load. On the margin, this is likely to lead to (at least) a stabilisation of pricing, as most underwriters believe that the balance sheet they have is all that they are...
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