European Insurance News & Views "Reinsurance July renewal update" Hardcastle

Research evidence excerpt

European Insurance News & Views "Reinsurance July renewal update" Hardcastle

Global Research

30 June 2026ab

European Insurance News & Views Equities

Europe including UKReinsurance July renewal update

Financial

Will Hardcastle, CFA

Headline: Reinsurance July renewal update Analyst

will.hardcastle@ubs.com

We summarise key takeaways from Guy Carpenter's July renewal update (see here). +44-20-7567 9763

Qian Lu

AnalystUBS Summary:

qian-za.lu@ubs.com

+44-20-7567 4657

Overall market softening continued at 1/7 renewal, led by Property while Casualty was

Nasib Ahmed, FIA

stable to firm. T&Cs were largely stable but with selective easing. 1. Property: both Analyst

Global Cat and US CAT rate-on-line were down -16% YoY vs -12% reported at 1.1 (see nasib-za.ahmed@ubs.com

here) showing some deepening of pricing pressures. There were some nuances in US +44-20-7568 8231

Property per risk where rates improved in some cases (noting loss-impacted) and

Chloe Ryan

expansion of reinsurer appetite has led to greater interest in frequency coverage and Associate Analyst

broader products. In AU/NZ where 1/7 is a key renewal date, domestic market chloe.ryan@ubs.com

consolidation has reduced demand for reinsurance limit and despite Australia being loss- +44-20-7567 3505

impacted in 2025, the broader APAC Prop Cat ROL decreased by -19%. July was a small

renewal for Europe but rates reduction continued with ROL index down -15%, in line

with that seen at 1/1. Terms and conditions remained similarly stable but we note better

harmonisation/concurrency has been achieved whereas increase in limit and placement

of new supplemental coverage e.g. agg XoL, subsequent event coverage were also

observed by the broker. Property retro pricing remained in line with Jan with non-loss-