This report is the result of a three-year study of the global reinsurance industry, covering the main stakeholders of cedents, reinsurers, and brokers. It examines the implications of profound change arising from shifts in regulation, consolidation in the key players, and increasing competition both within the reinsurance industry and from alternative capital providers. These changes are driving convergence in a market that was, until recently, characterised by significant cultural variation in buying and selling reinsurance. The findings in this report will help industry participants to take stock of their current position in the industry, the specific types of differentiation available, and how these differentiators can create advantage. Specifically, the report provides evidence-based frameworks and models that firms can use to diagnose their existing strategies and structures and consider alternatives.