Psychological shift has driven over-subscriptions: Gallagher Re’s Wakefield
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Psychological shift has driven over-subscriptions: Gallagher Re’s Wakefield

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Gallagher Re CEO Tom Wakefield has said that over-subscriptions on cat reinsurance programmes have been driven by a psychological shift among reinsurers, with the potential for sign-downs to leave excess capacity in the market in 2024.

“[Reinsurers] always had the capital but they didn’t have the appetite for the volatility,” he said, referring to market dynamics a year ago.

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