Willis Re reported this week that a wave of new capital—amounting to $35 billion—is currently flowing into the global reinsurance market, characterizing the capital market’s activity as a “direct threat” to the existing portfolios of traditional reinsurers.

The reinsurance broking arm of Willis Group Holdings delivered the news in its 1st View April Renewals Report, titled “Capital Overflow,” echoing a similar assessment coming from reinsurance broker Aon Benfield earlier this year.