While there have been rate increases for the June 1 and July 1 reinsurance renewals, the reinsurance market is behaving in a more orderly fashion than many anticipated, said Willis Re in a renewals report issued Wednesday.

And a briefing issued Wednesday by intermediary Guy Carpenter & Co. L.L.C. in New York said property catastrophe reinsurance rates increased 15% from a year ago, in line with the trend from January to June.

In the report issued by London-based Willis Re, the reinsurance brokerage arm of Willis Group Holdings Ltd., Willis Re Chief Executive Officer Peter C. Hearn said initial signs of recovery in the financial markets and the lack of major underwriting losses in this year’s first half have brought greater stability to the reinsurance market.

However, “the lack of any signs of meaningful and universal rate hardening in the primary insurance market is a point of continuing concern,” he said.

“Certainly this state of affairs is exacerbated by the pressure exerted by the current economic climate on original insureds’ ability to pay, but the limited price movement is a mounting issue, particularly in the U.S. casualty markets, where a number of startup companies have recently entered the fray,” said Mr. Hearn.

The Guy Carpenter briefing said capacity in the property catastrophe reinsurance market “was sufficient without being abundant. This continues a trend seen in the United States from January through June.”

“With four major renewal periods covered this year, a sense of calm has emerged,” said the briefing. “The general reinsurance market is tepid, with a few hot spots based on region- or program-specific factors.”

The Willis Re report covers property, casualty, specialty and workers compensation lines. It can be accessed at www.willis.com.

The Guy Carpenter report, which also discusses Latin America and the marine reinsurance markets, can be accessed at www.gccapitalIdeas.com.