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The CEO said business remains adequately priced in most classes. -
The facility was previously for commercial risk clients.
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Underscoring a more competitive market, the structure includes an escalating premium.
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In the US, the index fell 6.7% year on year.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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The availability of capacity remains the market’s key driver, the broker said.
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The soft market continued through H1 2025, especially on shared programs.
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The LA wildfires accounted for 59% of loss activity over Q1.
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Gallagher Re’s Lara Mowery said mid-year renewals marked the “beginnings of capacity” emerging.
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Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
