While average quotes dropped 5 percent to 7 percent from 2009 quotes, reinsurers overall were very consistent in providing indicated pricing this year that was almost flat as compared to 2009 firm order terms. These indications were surprising given the general expectation following the January and April renewals that decreasing pricing trends would continue. Following significant discussion with clients and markets, 2010 firm order terms averaged a decrease of 5 percent to 7 percent in the lower layers,where capacity isn’t as abundant and a decrease of 13 percent to 15 percent in the upper layers.
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