Softer P&C reinsurance market reshapes capacity and delegated capital

Pricing is easing into January 2027, backed by approximately $800 billion of global capital, while commercial-market signals remain mixed: Marsh reported Q3 global rates down 5%, with property down 10% and casualty up 1%. W.R. Berkley’s 25% year-over-year casualty reinsurance premium contraction, Ategrity’s strong but partly reserve-release-supported results, AmTrust’s emphasis on underwriting discipline, and new E&S capacity underscore that softer property pricing does not mean uniform casualty economics; delegated authority, claims controls, and counterparty governance remain critical.