2011-2012 Global reinsurance review and outlook

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      <subfield code="a">Fitch Ratings believes that the reinsurance sectors capital, underwriting and operating trends will support reinsurers current ratings over the next 12-24 months from September 2011. The agencys base case anticipates continued capital strength and a gradual recovery of earnings into 2012, assuming a normalised level of catastrophe losses over the period. The sectors earnings outlook remains uncertain due to pressure on investment income, premium pricing adequacy and declining prior-year reserve surpluses -- Reduced profitability in 2011</subfield>
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