The after-effects of the 2017 hurricanes Harvey, Irma, and Maria, as well as excess capital, are hindering positive ratings movement in the marine reinsurance sector, says Willis Re.
This was revealed in Willis Re’s 1st View report, which also said that abundant capacity across marine classes and attritional losses had curbed pressure for upwards movement in ratings. International cedants are working to expand their coverage and territorial scope, as a means to extract more value from their reinsurance partners.
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