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The capital markets have acquired a healthy appetite for insurance-linked securities as a supplement to traditional reinsurance. Proponents say tightening spreads will elicit further interest in these products. Others are less sanguine.

Reinsurers aren't shy about talking up their "disciplined" approach to changes in the marketplace, but their latest performance leaves much to be desired. If only "adverse developments" would just go away.

Ratings agencies have a habit--either by design or by coincidence--of releasing ratings reviews when buyers and sellers engage in their annual prospecting rituals in Monaco. The market holds its breath to see who gets upgraded, and who takes a hit.