Reinsurers have long struggled with how to address the issue of undervaluation in cedant portfolios. Montpelier Re was no exception. It knew that many of the portfolios it reinsures were undervalued—but that just as many were, in all likelihood, valued adequately. The problem for Montpelier— and all reinsurers—was the difficulty in distinguishing among them. To address the uncertainty surrounding insurance to value, or ITV, Montpelier devel

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