In recent years, the structure of the reinsurance industry has evolved rapidly in response to, among other factors, changes in the nature of risks to be insured (e.g., climate related risks), technological innovations (e.g., Cat models), the globalization of the financial services industry, and the concentration of the primary insurance industry. Drawing on a global qualitative dataset of interviews and observations in all the main reinsurance markets, this article provides an overview of the changing dynamics in the reinsurance industry and highlights some of the implications of these changes for reinsurers. We first provide a general overview of the changing structure of the reinsurance industry, highlighting its increasingly competitive nature and why these changes might exert pressure on reinsurer’s profits. Second, we focus on consolidation in the primary industry as a central industry dynamic. Third, we show how this impacts the types of reinsurance products cedents want from the reinsurance industry. Finally, we outline some implications of this for reinsurers, identifying matters of both strategic and operational concern for them.