Situation in reinsurance markets unsustainable
Monday, 09 11 2017, Category: Insurance and Reinsurance, Country: World
The situation in London and similar insurance and reinsurance markets is “unsustainable” as soft pricing, excess capital and high competition are leading underwriters to make decisions they may regret, according to Argo Group CEO Mark E. Watson.
In a letter to shareholders Argo CEO Watson recognises the tough re/insurance market environment and suggests that things have gone too far, particularly in the Lloyd’s market which he singles out as “complex and difficult.”
“We know that the situation in the London market and others like it is unsustainable,” Watson explains.