Opinion: Japanese renewals

This lunchtime we will publish our early take on the 1.4 renewals
in Japan. Cat pricing is down 5 percent give or take. Ceding
commissions in the round are up about a point on the quake quota
shares.
The rudiments of the renewal are not in doubt. The picture at
the micro level is fairly clear. Take a random sample of
underwriters and brokers to lunch and you will come away with the
same headline points.
But it is when...