Record reinsurance capital and a benign catastrophe year drove property rates down 10-20% at 1.1, with the largest cuts on non-loss-impacted accounts.
The January 1, 2026 reinsurance renewal completed in decidedly buyer-friendly conditions. Record-breaking dedicated capital combined with a benign hurricane season to create genuine competitive tension. Property reinsurance rates fell broadly between 10% and 20%, with the deepest reductions reserved for non-loss-impacted accounts.
Across most major lines, pricing returned to levels last seen roughly four years ago. For cedants, the message is opportunity: capacity is abundant and structural innovation is back on the table.
What it means for a specialist reinsurer
Soft markets reward discipline. Power Re's response is not to chase the softening top line but to deploy capacity where technical underwriting still earns an adequate risk-adjusted return, and to hold the line on terms and conditions where the market over-corrects. Growth by selection, not by volume, is precisely the posture that protects a young reinsurer through the cycle.
Power Re perspective
This commentary reflects Power Re’s reading of public market reporting. It is general information, not underwriting, investment or legal advice.
