GLRE - January Reinsurance Renewals See Third-Party Capacity Play A Key Role

• As expected, the January 2021 reinsurance renewals have proved to be less firm than forecast, but in general the trajectory of reinsurance and retrocession pricing has been positive and as a result return potential continues to rise for those allocated to insurance-linked investments.
• Capital-wise, global reinsurance capital has certainly risen towards the end of 2020 and likely sits higher as we move into 2021, than it did a year ago.
• The catastrophe bond market saw some $6 billion of issuance in the fourth quarter of the year, breaking all quarterly records and a number of annual ones for full-year 2020 too.

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