Despite catastrophe losses of $20 billion in the first half of this year, reinsurance market rates on line (ROLs) continue to be driven by an influx of capital from third-party investors at the July 1 renewals, according to a report from Guy Carpenter & Co. LLC, a global risk and reinsurance specialist.

For the first time, pricing in the capital markets has broken away from levels set by the traditional market, pushed by catastrophe bond, sidecar and collateralized reinsurance activity, Guy Carpenter said, which has prompted downward pressure on overall traditional market pricing.

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