European reinsurers have been on edge about softening prices and terms in worldwide property/casualty markets, and as always, they fear the big catastrophes that can strike at their bottom lines any time, anywhere.
But as first-quarter results emerged, another threat bubbled up. The investment portfolio, the mostly silent partner in the fortunes of reinsurers, is a mess.
Most reinsurers say they're just slogging through generally volatile capital markets, a situation made more difficult by mark-to-market accounting that insists on recording unrealized losses to the current quarter. Adding to the burden is the pernicious effect of a perpetually weak U.S. …
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