Following discussions at this year’s RVS in Monte Carlo, executives from global reinsurers Everest Re, Liberty Mutual Reinsurance, and Mapfre Re have highlighted that attachment points and terms have held firm, and that they see little reason for this to change as the industry moves towards the key January 2026 reinsurance renewals.This afternoon, Aon’s Reinsurance Solutions hosted its 2025 reinsurer panel, moderated by Alfonso Valera, CEO of International.Panelists included: Dieter Winkel, President of Liberty Mutual Reinsurance; Jill Beggs, Executive Vice President and CEO of Reinsurance at Everest; and Miguel Rosa, CEO of Mapfre Re.The senior executives stressed the need to maintain underwriting discipline, particularly around retention levels and pricing, while expressing confidence that current reinsurance structures provide a sustainable balance of risk and reward.

During the panel, Winkel highlighted that retention levels and frequency covers remain major topics in the market.Winked said: “I think the market worked hard to increase deductible over the last two years in order to avoid losses that are predominantly not priced for.Now, we’ve had a lot of those losses that were not priced for in the past, like SCS losses or unmodeled losses, and obviously insurers looked back and said ‘I had no recovery, I need to reduce my deductible’ He continued: “Ultimately, we’re back to the very first question you raised, ‘what about the pricing environment’? Because there are specialist markets out there.

They really would love to do bottom layers, but they’re seeing a lot of retained exposure from their clients, so it’s more a matter of pricing, and how you set the attachment level and what price you get from this.“It’s not that it’s not insurable at all.It’s just a matter of price to risk, and the risk at the bottom end has just gone up excessively over time, because a lot of those losses are just not one.

I’m not saying there is no way of covering it, but I think it means a different view in terms of how we price and scout at this point in time.” Rosa, also echoed a similar sentiment.“In this case, I’m 100% with Dieter.Especially in Europe, we’ve been suffering in terms of profitability for a number of years.

It looks like this year, if nothing happens until the end of the year, we will be a little bit better, but we’ve been working hard on setting the right structures and getting the premium for the risk that you are taking.“For us, secondary perils – we were highlighting this last year as well – is something that is an issue.And I think we need to keep the discipline in terms of retention levels, and in terms of premiums that you get to cover this kind of risk level.” From Everest Re’s perspective, Beggs, added: “I think terms and conditions and attachment points have been holding and we expect that that’s going to continue into 2026 from our perspective.

“As I mentioned before, we’re always looking for sustainable risk reward balance, and that needs to sustain itself over the long term, and we feel good about where attachment points and terms and conditions are at the moment and we expect that to continue,” Beggs explained..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.