Times were hard for the world reinsurance market in late 2001 and early 2002, and Argentina added to the troubles as it faced an unprecedented economic and financial crisis.The final blow was a devaluation that reduced overnight the market premium income to one third - in dollar terms - of what it had been, plus a forcible conversion of dollar investments into pesos and an overall freeze of bank deposits. Although this has now grown back to one half, it was still a disaster, as it sparked of
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