A significant number of reinsurance treaties were renewed this month, heavily concentrated in property catastrophe coverage. It’s become apparent, however, that this market, for a number of reasons, has seen changes that have set it on new paths and perhaps into uncharted waters.

Analyzing why this has occurred is complicated, as each factor involved impends on all the others. While the increase in alternative capital is the most talked about, stronger balance sheets, greater retentions, technology, more sophisticated cat models, interest in emerging markets, new regulations, rating agency criteria, mergers and acquisition activity, as well as a benign hurricane season in 2013 have all combined to produce changes for reinsurers that in all likelihood have forever altered the way they will do business in future years.