US residuals benefit from soft US cat market

A number of the bigger residual insurers were among cedants that
prospered as competition for US property catastrophe reinsurance
business intensified in the mid-year renewals.
As the dust settles after another bloody renewal, pricing
information coming out of the catastrophe-exposed southern US
suggests a continuation of the bleak pricing environment for
reinsurers.
Sources told this publication that the first $40mn layer of
Louisiana Citizens' property cat programme, which sits atop an
unchang