UK and Ireland
In the property arena we are consolidating our success in the recent years of a hard market. We now wish to build on the opportunities we expect to see in the longer tail classes. The restriction in capacity that we have seen recently, combined with the general downgrading attitude of the rating agencies, means that the flight to quality for the long-tail class protections will be concentrated upon even fewer reinsurers. As we belong to this ever decreasing elite circle of well rated companies, the opportunities presented to us will enable us to pick and choose our way through this difficult market.
As to UK Motor business, we are looking forward to consolidating once again our position in this class. Due to the positive changes in terms and conditions achieved, we expect to expand our good relationships with our broker friends in the non-proportional arena. In view of the slow down in original rate increases, our proportional portfolio will decrease accordingly leaving us more room to increase our involvements in other lines of business.
Finally, our leading role in international property and the contingency classes will enable us to continue our support for those specialist clients in these areas.
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