“[Reinsurers] always had the capital but they didn’t have the appetite for the volatility,” he said, referring to market dynamics a year ago.
Psychological shift has driven over-subscriptions: Gallagher Re’s Wakefield
![Tom Wakefield_Gallagher_2021.jpg](https://assets.euromoneydigital.com/dims4/default/a46ad86/2147483647/strip/true/crop/700x410+0+0/resize/840x492!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F46%2F7e%2Fd0f067374df1b3d3f4f91368b0f0%2Ftom-wakefield-gallagher-2021.jpg)
“[Reinsurers] always had the capital but they didn’t have the appetite for the volatility,” he said, referring to market dynamics a year ago.