A return to an underwriting profit in 2012 enabled the global reinsurance market to continue its growth trajectory despite significant challenges, according to a new report from A.M. Best.

Deteriorating investment yields seem to be the greatest immediate concern, as depressed interest rates have persisted longer than most market observers predicted. Improvement in the near future appears unlikely unless companies choose to stretch for yield, which would require taking a greater risk on the asset side, according to A.M. Best.

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