Rates continued to fall on average, but there were signs of stabilization at this year’s June 1 reinsurance renewal, according to JLT Re, the reinsurance brokerage arm of London-based Jardine Lloyd Thompson Group P.L.C.

JLT Re said Wednesday that according to its risk-adjusted property catastrophe rate-on-line index, rates fell on average by 3.1% this June 1 compared with a fall of 8.5% at June 1, 2015, and 17.1% at June 1, 2014.

“Average reinsurance rates fell for a fifth consecutive year at the June 1, 2016, renewal, although reductions slowed significantly compared to previous years,” Bob Betz, co-leader of JLT Re’s national catastrophe practice in New York, said in a statement.

“Risk-adjusted pricing typically fell within a range of flat to down 5% as markets generally held firm against attempts to negotiate higher discounts,” he said.

“Significantly, there was some evidence through the renewal process of pricing levels converging between traditional and insurance-linked securities markets, reversing the de-coupling trend that first emerged in 2013 when ILS investors deviated away from price expectations set by the traditional market,” he said,.

“This pricing consensus meant most programs renewed within a narrow range of flat to low-single-digit reductions in 2016, although changes to terms and conditions added to the overall economic benefit of cedents in some instances,” Mr. Betz said.

Surplus reinsurance capacity continues to contain any prospect of increases in rates for reinsurance, David Flandro, global head of analytics at JLT Re, said in the statement.

“Nevertheless, with current pricing levels testing technical minimums, slowing capital inflows, pockets of increased reinsuance demand and a series of catastrophe losses so far this year, several programs renewed slightly down or as expiring at the June 1 renewal,” Mr. Flandro said.

“The trend towards price stabilization is expected to persist for the remainder of the year, depending on loss activity,” he added.