Light catastrophe activity and plentiful capacity defined the July reinsurance renewals, Guy Carpenter & Co. L.L.C. said Monday in an analysis.

The report, “Strong Risk Assessment Focus amid Plentiful Capital During 2012 Renewals,” notes that catastrophe-related insured losses during the first six months of 2012 totaled $11 billion, a significant drop from the $76 billion recorded during the same period of 2011.

“With light losses to date in 2012, July 1 property renewals are marked by disciplined underwriting amid plentiful capacity,” Lara Mowery, head of Guy Carpenter's global property specialty unit in New York, said in a statement. “Based on the impact of July increases in 2011 and available capacity, pricing trends have moderated.”

The report also found that capital has flowed into the industry. The Guy Carpenter Global Reinsurance Composite index found that reinsurers' capital position increased to $184.5 billion, a 4% gain over the previous year.

“The inflow of new reinsurance capital has also been a significant feature, with between $6 billion and $8 billion of alternative capital entering the market since the catastrophes of 2011,” the report states. The added capacity has many sources, including sidecars and collateralized private reinsurance vehicles. “However, the amount is relatively marginal in the broader context of dedicated reinsurance capital and has therefore only had a limited impact on pricing this year,” the unit of Marsh & McLennan Cos. Inc. said in the report.

With high catastrophe losses in 2011 and a new hurricane model from Risk Management Solutions Inc., utilization of available capacity spiked last year, according to the analysis.

“Immediately after these events, capacity utilization spiked to almost 100% and stayed above 90% through April 5, 2012. After this point, the majority of renewals had already been impacted by some level of adjustment in 2011. This, coupled with favorable experience to date in 2012, has seen the level of utilization drop closer to 85%,” Guy Carpenter said in the report.