ORIGINAL PUBLICATION HERE
• The overall pre-Christmas theme of disappointment for reinsurers has continued, with most business now firm ordered with only modest rate increases for clients without losses.
• Disappointment on property rates for reinsurers reflects continued supply-demand imbalance which continues to favour cedants. Q3 and Q4 cat is now pegged lower at $75bn-$95bn, not $110bn, which erodes reinsurer capital only mid-single digits.