Gallagher Re 1st View: Continuing Discipline

Issued three times a year, 1st View delivers the very first view of current market conditions within the reinsurance industry at the key renewal seasons: January 1st, April 1st, and July 1st

Rolling Meadows, IL (July 7, 2023) – Gallagher Re is pleased to announce the release of its July 2023 1st View report, based on the real-time observations of Gallagher Re’s brokers working across all territories and classes covered in the report.

Key findings for the reinsurance market:

  • The market has faced a continuation of pricing and structural dynamics, as reinsurers sought to bring terms and conditions into line with those seen at January 1 and April 1 renewals.
  • New capital entering the market (both traditional and ILS) — coupled with moderated demand, through increased retentions and limited purchases of additional limit and clearer expectation management by all parties — led to a more orderly renewal.
  • The casualty treaty market remained straightforward, with adequate capacity and flat to moderate rate increases, driven primarily by reinsurer comfort with improvements to underlying portfolios.
  • Strong returns achieved by ILS funds in 2023 to date led to growing investor interest, and in turn an increase in the overall number of bonds being issued.
  • ILS attention shifting from traditional property perils to other opportunities, such as cyber and casualty, as the property market begins to move into balance.
  • There are limited signs of completely new reinsurance entities forming, and the trend is consolidation into fewer, larger reinsurance entities — which points towards pricing stability, in the absence of any major losses.

Access the full report here.

About Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. For more information, visit

SOURCE: Arthur J. Gallagher & Co.

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