2012 Global reinsurance update

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      <subfield code="a">Fitch Ratings expects a marked rise in reinsurers 2012 earnings, driven by a lower catastrophe burden and improving pricing conditions. The net written premium (NWP) growth expected in 2012 reflects upward pricing movements and greater sales of certain reinsurance protection, due to recent revisions of catastrophe models and in the wake of 2011 catastrophe losses. Growth will be marginally offset by lower levels of reinstatement premiums, reflecting an expected reduction in catastrophe activity during 2012</subfield>
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