Buyers concentrated on renewing existing programs at the most reasonable prices in the Benelux countries (i.e., Belgium, Netherlands, and Luxembourg), distracting them further from adapting reinsurance structures as part of capital management. Cedents achieved relatively minor price increases on an exposure-adjusted basis, despite clear capacity constraints. Reinsurers based in Continental Europe were more flexible compared to other markets and were willing to extend their positions. Catastrophe aggregate solutions remained in place with the aim of protecting buyers’ earnings, though with less enthusiasm from reinsurers.
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