Reinsurers face Narragansett-Heritage spending cut

Insurance-linked securities (ILS) managers and reinsurers for
Florida insurer Heritage and northeast US specialist Narragansett
Bay are facing a reduction in spending by the companies following
their anticipated merger next year.
Heritage said that reinsurance savings were a major benefit that
would follow from its $250mn bid for Narragansett, as it has
budgeted for $22.5mn of annualised savings after a two-year
phase-in period to allow Narragansett's multi-year contracts to
expire.
Heritage mak