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Traditionally, (re)insurers think of their business in terms of placements and annual renewals. The Room at Lloyd's is not a trading floor per se, but a forum where placements are negotiated and agreed.

The concept of trading (re)insurance risk involves different ideas and practices, in particular the 'bid-offer spread' - through which parties negotiate an acceptable price to trade on, but which also presents arbitrage opportunities for the canny trader.

IFEX - which lists the economic equivalent of US wind...

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  Trading Risk