Last years’ trend of declining property-catastrophe rates came to an end at the January 1, 2009 renewal. Even in cases where exposure was reduced compared to last year, markets did not accept premium reductions. Programs that were out late in the market were somewhat harder to place because of decreased available capital, and there was hardly any over-placement. In general, cedents received similar coverage to 2008 and decided to renew their programs with unchanged capacity.
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