A major oversupply of capacity, coupled with reinsurers’ need for growth, is driving a “stampede” to reduce reinsurance rates, in what some say is the fastest softening in US property cat business for at least 30 years.
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Market momentum forces reinsurers into 1.1 rate cut ‘stampede’
Cedants are opting to bank double-digit savings as reinsurers fight for market share.