Ageas Re, the reinsurance division of international insurance group Ageas, delivered strong growth in 3rd Party Business during its January-July 2026 renewal campaign, driven by increased shares on selected programmes and substantial new business generation.
During the period, the reinsurer continued to grow its 3rd Party Business portfolio and also further strengthened the diversification of its underwriting platform, despite what the firm describes as a faster-than-expected deterioration in market conditions.
“In response to the changing market environment, the company accelerated its cycle management strategy by expanding its Specialty portfolio, increasing its presence in Asia, selectively reducing business that did not meet technical return requirements, and making greater use of proportional structures,” said Ageas Re.
New business generation was a major contributor to the January–July outcome for the firm, with new written business exceeding renewable business during the April–July renewal period. The reinsurer also renewed two material Partnership contracts during the renewal period, which represent significant premium for the firm.
For Ageas Re, the mid-year renewal season was notably strong and represented a major contributor to the January–July result, as the firm was able to double its book of business compared with 2025.
The company explained: “Ageas Re also successfully renewed the vast majority of targeted client relationships and increased participations on selected programmes. This helped offset part of the market- driven rate reductions and demonstrated the continued confidence of clients and brokers in Ageas Re’s underwriting expertise, technical capabilities and long-term commitment.”
Excluding Partnerships, total 3rd Party Business inflows increased by 38% year-on-year, with overall expected profitability modestly below the previous year as a result of market softening and mix of business effect due to deliberate increase in proportional business.
In fact, the premium split between non-proportional and proportional business evolved materially in 2026 when compared with 2025, which Ageas Re says helped to reduce portfolio volatility and capital intensity, despite contributing to a higher underwriting ratio.
Looking at the reinsurer’s renewal outcome by line of business reveals that property generated strong growth and is still the largest contributor to production for the firm. In 2026, growth was mainly driven by Physical Damage business, including Fire and Catastrophe exposures, while the reinsurer selectively reduced or withdrew capacity from Property Cat opportunities where it felt that pricing no longer met technical requirements. Ageas Re also reallocated capacity towards more attractive opportunities in Mexico, the Caribbean, and selected Asian markets.
The Specialty book was another area of growth for Ageas Re during the January-July 2026 renewal period, as Engineering increased to €23 million, Agriculture grew to €35 million, and Credit & Bonds delivered solid growth and further international diversification.
Casualty also delivered a solid result for Ageas Re in the period despite significant competitive pressure across nearly all segments. The reinsurer notes that it defended key positions, selectively increased shares on targeted programmes and maintained positive priced margins.
Joachim Racz, CEO Ageas Re, said: “I would like to thank the Ageas Re team for another strong renewal outcome in a rapidly softening market. The results demonstrate our growing market relevance, our ability to diversify across lines of business and geographies, and our continued underwriting discipline. A sincere thank you to our clients and partners for their continued trust and commitment to Ageas Re.”
In January, we reported that Ageas Re achieved growth in its non-catastrophe segment at the January 1st, 2026, renewals, while catastrophe remained stable.
