A recent report by Munich Re stated that it believes the reinsurance market is hardening, due partly to the recent financial turmoil around the globe.  Factors cited in the report for the hardening of rates include the recent downturn in capital markets worldwide, lack of stability amongst certain insurers, and a decrease in availability of a capital.  These factors, Munich Re believes, are leading primary insurers to seek reliable, financially sound or resilient reinsurers as partners and increasing the global appetite for reinsurance.