Swiss reinsurer SIGNAL IDUNA Reinsurance Ltd (SI Re) has completed its January 2026 renewal, achieving results roughly in line with last year’s record €222 million in a market the company described as having ample capacity, softening rates, and consistently oversubscribed reinsurance programs.
“Our performance highlights our ability to renew a strong portfolio in a competitive pricing environment as capacity was sufficiently available following the highly profitable hard market years,” Dr. Arnold Löw, CEO of SI Re explained.
Löw continued, “We continued to leverage our capability to balance our reinsurance portfolio with a meaningful insurance-linked securities (ILS) book. This dual strategy enables us to steer and diversify our exposures and remain disciplined in our underwriting approach.”
SI Re observed that, from a European perspective, 2025 saw fewer losses from natural catastrophes compared with previous years, while inflation continued its downward trend, approaching the 2% target for the European Union.
“Nevertheless, risks remain elevated as the market environment is characterised by high geopolitical and financial volatility,” the firm added.
With this in mind, the January renewal cedants were reportedly keen to continue protecting their downside, often broadening the protection of their book while capitalising on the rate softening.
According to SI Re, tighter structures and the higher attachment points introduced during the hard-market phase mostly held up, although the latter declined slightly on a risk-adjusted basis.
SI Re said it further strengthened its presence in the European market, supporting a diversified and forward-looking portfolio structure.
“We succeeded in delivering a robust overall outcome by maintaining underwriting discipline, not compromising on the acceptability of terms, conditions, or risk standards,” the firm noted.
SI Re continued, “In particular, SI Re maintained meaningful participations on accounts demonstrating long-term potential and strategic relevance, ensuring consistency and stability in our portfolio.
“As a result, SI Re continued to diversify its footprint into new geographies and select new lines of business, further expanding its client base, reinforcing its platform for future growth and continuing to focus on supporting sustainable business – both with our long-term partners and new clients.”
SI Re further flagged its ILS book performance, with Dr. Robert Salzmann, Chief Underwriting Officer, stating, “Like the broader reinsurance market, the ILS space experienced sharp risk-spread compression in 2025.
“At the same time, the market offered an abundant range of attractive opportunities. We identified value in diversifying transactions and continued to develop our ILS book while key portfolio metrics remain attractive. This positions SI Re well for the coming years as the ILS market continues to evolve and mature.”
