Mid-year property renewals in the US signal a trend towards more multi-year programmes

Alastair Speare-Cole, chief executive, JLT Towers Re

The atmosphere in the market at present is one of pressure. Reinsurance buyers are feeling the pressure to match the rhetoric in the press about rate decreases. Brokers are under pressure to complete programmes that match that expectation. Reinsurers are under pressure to maintain the multiple of expected loss from which is derived their theoretical margin.