Positive pricing momentum—it’s the favorite phrase of many reinsurers, who are hoping that the momentum they’ve seen in 2019 will continue during the coming January renewals and beyond.

The question is whether they will be disappointed, once again. Over the past few years, when reinsurers gathered at Rendez-Vous de Septembre—the official start of the renewal season— they started the meeting being bullish about rates but ended their discussions dejected. However, it looks like there is reason for reinsurers to cheer this year.