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US property catastrophe pricing showed further signs of abating at the 1 July renewals, with reinsurance rate rises cooling after a year of increases and evidence emerging of a less favourable retrocession market.

The alternative market had a less dramatic effect at 1 July than it did in the 1 June renewals, with reduced demand, the benign cat experience and a changed perspective on model change the main factors moderating rate increases rather than the impact of fresh collateralised capacity...

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