The 1 April renewals are seeing property direct and facultative (D&F) rates reach a reductions limit as carriers say they cannot give any more concessions. Industry insiders have reportedly said they cannot withstand any more reductions and that the D&F market has reached a point that they have to say no to any more concessions. Some of the industry is witnessing some resistance to the lack of movement having got used to double digit reductions over the past few years. Many are quoting the same rates as last year and after a period of protest many are agreeing to last year’s rates. The reason the D&F market has hit this point is that it has been subject to three years of falling rates with some carriers struggling to make it a profitable line of business. Novae is just one carrier who has pulled out of the market in recent years with some others reigning back on operations.