As a practioner in the London legacy market for nearly twenty years, the PwC survey of the European market, now in its third year, always provides interesting reading.

In contrast to London, which was forced to address run-off in the early 1990's as a result of a number of insolvencies and the restructuring of Lloyd's historic liabilities, Continental Europe has historically continued to treat leagacy books as a normal part of the business process. However, this approach appears to be changing.

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