Reinsurance rates in the UK were mainly flat, according to reinsurance broker Guy Carpenter. It said that local retention losses had some impact, but that the UK property insurance market remained depressed due to ongoing and continuing competition. Upward pressure on rates could start in 2012, but no significant price increases are expected before 2012. GC said that pricing for catastrophe excess of loss programmes was estimated to range from risk-adjusted flat (for smaller programmes) to up by 4% (for larger programmes). GC noted that there had been "a noticeable tightening of capacity for worldwide and incidental cover". Per risk excess of loss working layers were flat to down 10%. GC said that reinsurers were "more focused on overseas exposures and catastrophe perils". Finally, GC said that there had been no changes to cedent retentions for proportional treaties in the past year, and that "there has been significant pressure from markets to hold or reduce ceding commissions".