As we progress through 2025, we are pleased to report that clients with excellent loss experiences are benefiting from more favourable terms during their renewals. This positive trend is supported by an abundance of capacity in both the US domestic and London and international marketplaces.

The strong underwriting performances for both 2023 and 2024 have contributed to a property rating environment that currently remains technically adequate within the industry.

Insurers who renewed their treaties at the beginning of the year experienced rate reductions and some improvements in coverage terms, although their retentions have remained unchanged.

While the recent devastating wildfires in California could result in losses of around USD40 billion, the primary impact is expected to mainly affect high-net-worth personal lines insurers and treaty reinsurers underwriting large regional programmes. April 1 renewals largely continued the positive momentum seen at 1.1, with outcomes shaped by individual loss experience and program structure, rather than a significant market-wide shift. The overall market impact of these events will unfold over time, and we will continue to monitor developments closely.