London-listed broker JLT has once again described the global (re)insurance and specialty industry as a “trader’s market” with inconsistent rate renewal movements following the circa $130bn of cat losses last year.

London-listed broker JLT has once again described the global (re)insurance and specialty industry as a “trader’s market” with inconsistent rate renewal movements following the circa $130bn of cat losses last year.

In a trading statement this morning (1 May), the firm said there is no “consistent pattern” although added that rate increases are typically in accounts which has experienced recent “heavy losses”.

But the broker reassured investors that it anticipates in 2018 delivering “organic revenue growth in line with historical rates and achieving further financial progress”.

The Dominic Burke-led firm said it has enjoyed “several important client wins” in its global specialty business and, in its ambitious US retail specialty arm, the operation remains on “track to achieve continued revenue growth, whilst further reducing net investment losses”.

Separately, the firm said it continues to make “financial progress” in its reinsurance broking business. “The good performances seen in 2017 in Europe and North America have continued into 2018”, explained the firm.