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National News • June 18, 2004

There is plenty of evidence that rates in the reinsurance sector (U.S. and overseas) are now flat for many lines of business and that “hard market” terms and conditions are being broadened as a prelude to the inevitable fall in rates. Despite everything we have seen in the last few years, for many it appears to be human nature and/or addictive to chase market share rather than profitability.

— Julius Bannister, London, England