*1.1 Retro quotes being re-priced ** Ajit’s phone “already ringing” *** Late renewal just got a lot tougher On the 9 November 2017, Hiscox CEO Bronek Masojada predicted a hardening reinsurance market based on the inability of ILS funds to “reload” after 2017’s HIM losses which, as we now know, totalled over $100bn.