Property-catastrophe, risk, and pro rata treaty pricing was broadly flat in Spain at the January 1, 2009 renewal. Price remained the driving factor, despite a lack of flexibility among the major foreign European reinsurers. Negotiations between cedents and markets were tough. While dominated by the large European reinsurers, Spain does not have a fundamental catastrophe peril that drives the property market. A few new reinsurers attempted to enter the market with success dependent upon their willingness to offer very competitive terms.
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