Property cat retro down 30% as soft market grips

Property cat retro rates are plunging by 30 percent on average
at the 1 January renewal as alternative capital drives multiples of
expected loss (EL) in the business down to those already being
experienced in the soft reinsurance market, according to Markel Re
president and CUO Jed Rhoads.

And reinsurance underwriters are also suffering another grim
renewal as rates slid in US and international cat, with further
softening in casualty and specialty too.
Contrary to expectations, the rate of redu