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Legacy reinsurance market remains largely reactive, roundtable finds
Industry participants at a May 2026 roundtable said property insurance has shown rate softening, but primary US casualty has moved more slowly.
A Reinsurance News Legacy Market Roundtable, held May 11, 2026 near the IRLA Congress in Brighton, found that the legacy reinsurance market is increasingly discussed as a strategic tool, but it still operates with a predominantly reactive profile.
According to the roundtable discussion, participants including representatives from acquirers, sellers, brokers, legal and advisory firms debated the market’s maturity, the impact of reinsurance market cycles, execution challenges, and the outlook for US casualty business.
Jag Jass, partner at Augment Risk, said rate softening has been visible in property, while primary US casualty has been slower to move, adding that buyers and sellers are still working out how recent underwriting years in casualty will develop. Charlotte Pritchard, UK CEO of RiverStone International, similarly described the buy-side view as still reactive, while noting the market has shifted from purely distressed scenarios toward capital planning and broader reserve protection.
The session also highlighted pockets of maturity across the sector, with long-standing global players using legacy as a strategic and capital tool on both buy and sell sides, though that sophistication is not consistent across all cedents. Participants further pointed to deal execution issues such as limited buyer participation across different deal sizes and transactions stalling after non-binding indications, and they cited the need to strengthen long-term cedent relationships.