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The pricing battle has been played out but the extent of new demand will only show up in 2026. -
The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Price has become a key differentiator in marine and energy.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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Market participants on programs/MGU business in particular feel there's more capacity than 12 months ago.
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Cedants are opting to bank double-digit savings as reinsurers fight for market share.
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The US insurer squeezed its retention in a renewal where cat treaty retentions are widely holding steady.
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The facility provides solvency support via a fresh equity injection under various scenarios.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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From 2026, the facility will also offer longer maximum construction periods.
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The market is “extremely competitive”, with several launces from MGAs and syndicates expected.
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Expectations that reductions would cap out at low double digits are fading due to capacity oversupply.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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Despite 2025 losses, carriers have not secured desired rate increases.
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The French mutual is one of the first major 1.1 accounts to firm-order.
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What does it take to build a reinsurer that can manage volatility?
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The carrier anticipates a “favourable” retro renewal at 1.1.
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Brokers may encourage clients to capitalise on falling rates by boosting coverage.
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Reinsurers are willing to concede on pricing, while cyber interest is on the rise.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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The reinsurer plans to grow its US business at a higher rate than its non-US business.
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What’s driving the wave of shifting ownership structures in the Lloyd’s market?
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Several airlines are understood to have come to market early.
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How does Lloyd’s plan to secure its future as a leading global marketplace?
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Reinsurer executives stressed that the industry worked hard on setting the right structure.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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Geopolitical turbulence brings new challenges that primary specialty lines carriers urgently need to address.
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Being conservative and stable is the name of the reinsurer’s game.
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Scale is increasingly becoming a differentiator for reinsurance carriers, the broker noted.
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The private ILS segment took losses from LA wildfires and Mid-West severe convective storms in H1 2025.
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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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Earnings covers do not need to equal aggregate reinsurance deals, the broker said.
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Reinsurers are ready to draw a line under a worsening claim outlook across the casualty market.
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Excess capacity will sustain softer rates, as organic growth challenges lead to more M&A chatter.
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Reinsurance CEO Wakefield said reinsurance structures may evolve for prolonged growth.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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The reinsurer’s new CEO said he sees no need for a radical shift in strategy.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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What’s next for the reinsurance market as Monte Carlo approaches?
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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The ratings agency warned negative PYD on US casualty will likely continue.
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Signs of discipline indicate a “break” from past boom/bust market cycles.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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The CEO said the carrier will prioritise margin over top-line growth.
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As rate reductions present headwinds, firms are expected to moderate expansion.
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The airline has exercised a break clause to renew its cover six months earlier.
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In trying to solve multiple needs, specialty reinsurance opens up complexities.
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The specialty reinsurer also saw several bad investments hit the books.
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The CEO said business remains adequately priced in most classes.
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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.
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The broker noted a “significant variation” in renewal outcomes.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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The Atrium-led cover renews after the multi-billion-dollar High Court ruling.
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This is up from last year’s $1bn protection for its Florida treaty.
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HCI secured three towers with $3.5bn in XoL coverage.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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Broker facilities and increased US domestic appetite are accelerating the softening.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
