Property cat capacity: what changed at mid-year renewals

Mid-year renewals settled into a pattern that had been forming since the spring: capacity is available for well-modelled catastrophe exposure, but it is priced and structured with far more discipline than the headline rate movement suggests.

Where capacity moved

The clearest shift was in attachment. Markets that held their line last year have moved up the programme, leaving cedants to absorb more of the working layer or to find alternative capacity for it. For portfolios with a clean loss record and credible modelling, terms were achievable at or near expiring levels.

For accounts with aggregation that could not be evidenced, the picture was harder. Several markets declined outright rather than quote a loaded rate — which is a useful signal about how submissions are being triaged.

What cedants should prepare for 1/1

Three things travel well into the January renewal: a documented view of accumulation, a clear explanation of any change in the underlying book, and realistic expectations on attachment. Programmes that arrive with all three tend to get a first look rather than a queue position.

We are already taking early submissions for 1/1 structures. If your programme has moved materially, the earlier we can start structuring it, the wider the range of markets we can realistically approach.