Brokers Aon and Gallagher Re described a buyers’ reinsurance market for the April 1, 2024 property and specialty renewals as reinsurer profit margins benefited from last year’s “redistribution of risk” to cedents.
Reinsurers are not only venturing out with increased available capacity, but also seeking growth—a trend that could continue into June and July renewals in the U.S., according to the brokers’ reports: Aon’s “Reinsurance Market Dynamics: April 2024” and Gallagher Re’s “1st View: Heading Out of the Woods.”
The 4/1 renewal period is the traditional Japanese renewal date, but the Gallagher report noted that some significant U.S. and worldwide placements also happen, in addition to renewals in India and other Asian markets.
“It remains to be seen if the reinsurers who are falling behind their growth targets will maintain the same pricing discipline at midyear renewals, which represent th