A second consecutive loss year, capacity concerns, and financial constraints led to average price increases of up of 10 percent. There was a wide range of quotes, with the spread between the cheapest and most expensive reaching 100 percent or more in some cases. Buyers tried to place programs very aggressively — but not always successfully — with some having to accept tighter reinsurers’ conditions in order to prevent shortfalls. Retentions were stable, but the established trend of buying frequency covers continuing. The London market experienced a greater participation in the German market.
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