Federal catastrophe backstop 'not necessary' in current market

A federal catastrophe backstop should not be necessary given the
current competitive marketplace for property cat risk, according to
senior E&S sources.
The head of a prominent US specialty insurer told
Inside E&S that the proposal
introduced by Florida Congressman David Jolly is unwarranted.
"We don't think it would be necessary. Given the
marketplace and how competitive it is the last thing you need is
government getting involved.
"I would argue that the free market should take care of