According to reinsurance broker Guy Carpenter’s January 2026 renewal report, global price reductions were seen across Marine, Energy and Technical lines, as new and existing capacity continued to diversify from property and grow into an already crowded specialty market.
Within Specialty lines at the January 1st, 2026, reinsurance renewals, non-loss-impacted businesses experienced rate changes from flat to -15%, while loss-impacted accounts ranged from -5% to +15% in some cases.
Guy Carpenter noted that price has become the key differentiator at this renewal, in contrast to previous renewals when wordings and coverage improvements took the spotlight.
Alignment of contract wording across reinsurer panels has been a priority for buyers, with few differential terms and subjectivities accepted.
“Structural changes varied by line of business,” the broker said. “A common theme was buyers looking to cede less to quota shares and utilise increased capital from recent profitable years to modify XoL structures and optimise reinsurance spend.
“Buyers continued to utilize alternative capacity, a trend stemming from last renewal, with an increasing number of buyers electing to cede risk into sidecars and similar arrangements, putting further supply and demand pressures on traditional reinsurance.
“Retro clients renewing at January 1 looked to extend their coverage into Q1 2026, when greater clarity on their underlying portfolios will be known.”
Guy Carpenter added that credit renewals have softened further, driven by strong profitability and a growing surplus of supply versus demand. On a risk-adjusted basis, prices are -10% to -15%.
The reinsurance broker explained that renewals were completed later than last year, with an extended quoting process and reinsurers competing to find the right pricing level.
“There have been some changes to terms and conditions across the board, with cedents increasingly seeking larger limits and extended tenors to enhance their operational autonomy. Buyers are confidently driving improvements in terms, despite quoting markets striving to maintain their current positions,” said Guy Carpenter.
The broker added that more clients are also adjusting their reinsurance structures to better support developing portfolios.
In Aviation, pricing at the January 1st 2026 renewals was largely flat to -5%, unless a program was severely loss-affected.
Despite some large aviation losses, Guy Carpenter said there is still plenty of capacity, although appetite for quota shares is tighter than for XoLs.
“More than 75% of aviation programs were out in the market by mid-December, with the remainder being quoted. Aviation war lines are typically late; a trend that continued for January 1, 2026 renewals. There has been little change in terms and conditions or structure to programs, though larger buyers are retaining more risk; usually a proportion of their reinsurance program,” said Guy Carpenter.
