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An 11th-hour softening has driven discounts into double-digit territory on some deals. -
In property, Canada, Central and Eastern Europe and UAE renewals were impacted by losses.
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The broker said demand grew more slowly than reinsurer appetite.
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Concern over rate adequacy remains, but reinsurers are delving deeper into data rather than walking away.
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Chairman Neil Eckert and CEO Trevor Carvey said the outlook for the market remains "very good".
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Swiss Re has retreated from its “escalation clause” for the Middle East.
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Reinsurer appetite for aggregates begins to creep back in.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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Aggregates that are featuring in the reinsurance market are not the low-attaching ones of prior years, he added.
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Sources agreed that to achieve growth, the focus is shifting from the US to SMEs in Europe.
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The flat renewal follows a tripling of RoL on the programme last year.
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The carrier increased specialty premium by 39% by the nine-month mark.
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