Rendez-Vous de Septembre 2026: four themes that will dictate the 1/1 renewals
We have just wrapped up an insightful week at the Rendez-Vous de Septembre in Monte Carlo. Evaluating the briefings across AM Best, Fitch Ratings, Moody’s Ratings and S&P Global, four critical themes will dictate the upcoming 1/1 renewals.
1. The battle for T&Cs
While property catastrophe pricing is expected to soften further due to abundant capacity, negotiations will pivot heavily from price to terms as cedants push for lower attachment points.
2. Capital buffers versus margin erosion
The reinsurance sector enters the renewal season exceptionally well capitalised. Margin erosion is nevertheless anticipated as market softening accelerates into 2027.
3. Casualty under the microscope
US casualty reserves remain heavily exposed. The agencies agree that social inflation and third-party litigation funding are structural threats requiring ongoing vigilance.
4. Alternative capital and accumulation
ILS capacity has hit a record $144.5 billion, fundamentally reshaping risk-transfer economics. At the same time, there are growing accumulation concerns surrounding cyber risk, AI data centres and the rapid expansion of delegated underwriting.
As the softening cycle tests agency scorecard metrics, translating underwriting resolve into sustained rating stability is paramount. At ALPHA Ratings Advisory we are partnering with clients to stress-test capital models and proactively defend rating headroom ahead of the upcoming annual rating reviews.
How is your team positioning its credit narrative with the rating agencies for 2027? Let’s connect.