Greenberg Says Thirsty Wall Street Draining Reinsurance Pond

Ace Ltd. Chief Executive Officer Evan Greenberg said the influx of Wall Street capital into the reinsurance industry is pressuring rates and that he is prepared to cut sales of backstop coverage.

Prices for catastrophe reinsurance have declined about 5 percent internationally and as much as 15 percent in the U.S., Greenberg said today during a conference call to discuss second-quarter results at the Zurich-based company.