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Some major property catastrophe cedants chose to take advantage of softening rates to purchase extra reinsurance cover at the January renewals, but others consolidated and trimmed their purchasing.
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New sidecar launches continued in early 2014 following a prolific round of 2013 activity, as P&C (re)insurers formed a total of nine known vehicles with just under $2bn of capital.
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The January 2014 renewals will feature more "club" deals that are concluded with a handful of large catastrophe specialists, which will lead to less business being placed in the subscription market, sources said.
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Early indications suggest that international property catastrophe reinsurance prices will soften by an average of 10-15 percent at the 1 January renewals.
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It wasn't a hurricane or any other natural disaster that prompted the 2013 wave of reinsurance sidecars, but rather a shockwave within the industry caused by the growing clout of ILS fund managers.
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It has been a long time coming, but the cat bond market has finally returned to its pre-crisis heights, with 2013 issuance set to reach $7.5bn if all three bonds currently in the pipeline close on target.
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Hiscox elbowed its way up the ranks of reinsurer ILS managers when it announced during the third quarter reporting season that it expected to deploy $200mn of third-party capital in 2014.
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The next wave of ILS investors could emerge from a different source than the pension fund capital that has backed its development, according to speakers at the Trading Risk New York Rendez-Vous last month.
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The California Earthquake Authority (CEA) added a new three-year $100mn contract to its reinsurance programme in the mid-year renewals as it increased multi-year cover to more than a third of its overall limit
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London-listed Catco has picked up almost a 20 percent share of the estimated $9bn indemnity retrocession market since it began underwriting at the start of 2011
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A good amount of work is already underway for early January reinsurance renewals as buyers seek to lock in favourable pricing and place significant limit outside the subscription market.
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Mutual funds are likely to increase their role in the ILS market in the future, Aon Benfield Securities predicted in its 2013 review of the sector.