Price corrections drove reinsurance rates up at the April 1 renewals, according to the latest 1st View renewals report from global reinsurance broker Gallagher Re.
Buyers faced similar discipline to that seen at Jan. 1 at the April 1 renewals, according to the report.
In some cases – especially within smaller markets that had avoided previous rate hikes – reinsurers imposed significant structural changes. These adjustments may have a profound impact on ceding insurers’ financials, Gallagher Re said in the report.
