1/1 renewals: What major brokers are saying about 2025

The January 1, 2025, reinsurance renewals revealed a market in transition, with softening rates, abundant capacity, and evolving reinsurer strategies across property, casualty, and specialty lines. Global brokers including Howden, Guy Carpenter, Aon, and Gallagher Re highlighted key trends such as risk-adjusted rate reductions, particularly in property catastrophe markets, and reinsurers' increasing appetite for business, often outpacing demand. As reinsurers and buyers adjusted to these shifting dynamics, the renewal season brings a more competitive and flexible market environment. Intelligent Insurer analyses key insights from top brokers.