There was some evidence that the hard market was reaching a peak last year, as catastrophe bond and ILS rates had been rising persistently, aside from seasonal blips, but then there was a third-quarter 2020 retreat that we reported on last October, which was much more significant than seen in most recent years. This was followed by catastrophe bond and insurance-linked security (ILS) rates-on-line remaining flat through the fourth-quarter of 2020, according to Lane Financial’s synthetic rate-on-line Index. As we documented in our recent report on first-quarter 2021 catastrophe bond issuance, falling prices of new issuance was a sign of strong demand from investors and a softening rate environment.