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Analysts at Keefe, Bruyette & Woods Inc. have found that January 2023 treaty reinsurance renewals are running very late, with just 5% renewals completed so far this year – which is way below the usual completion of at least 60% deals at this point of time December, Artemis reported. There have been several cases where reinsurers have re-issued firm-order-terms at higher rates-on-line or where capacity has suddenly become unavailable, all of which is delaying the completion of deals.