“Lacklustre margins” are expected in 2026 for property and casualty (P&C) reinsurers, mainly driven by price cuts during this year’s January 1 renewals and a softening trend for upcoming mid-year cycles, according to a recent J.P. Morgan report.Currently, there is increased capital in the market, fuelled by two years of robust returns at reinsurers, coupled with higher alternative capacity. This surplus is driving competition and downward pressure on pricing.Additionally, while the LA wildfires in the first ...