Gallagher Re, the reinsurance broking unit of Arthur J. Gallagher & Co., said that the reinsurance market in South Africa has stabilized and possibly reached its peak, Middle East Insurance Review reported. The South African reinsurance renewals at mid-year saw increased interest from reinsurers in deploying capacity with subscription levels surpassing 130% and terms remaining reasonably flat. Insurers and reinsurers in the country expect to see hardening in commercial rates, due to contraction in primary capacity.
