Reinsurance News
Gallagher Re
TWIA needs $1.043bn of fresh reinsurance for 2023 as Board rejects ILW option
19th April 2023
The Texas Windstorm Insurance Association (TWIA) needs to procure $1.043 billion of new traditional reinsurance limit at the mid-year renewals to take its 2023 tower to the 1-in-100 level of $4.508 billion, with the Board recently declining an industry-loss warranty (ILW) option for the top of its tower. Previously, TWIA's Board ... Read the full article
Capacity for space insurers change ‘little’ in 2023: Gallagher
17th April 2023
In the latest edition of Plane Talking, re/insurance broker Gallagher noted capacity changed "little" from 2022 for space insurers and market position has been "as before" for the majority. In its Q4'22 edition of Plane Talking, Gallagher noted that market feedback on capacity and reinsurance renewals was suggesting continued strong support for ... Read the full article
Hard market for aviation reinsurance to continue: Gallagher Re
14th April 2023
As aviation reinsurance continues to recover from large losses caused by a number of challenges in the last few years, the medium-term outlook suggests that the market will remain hard for some time to come, according to a recent Gallagher Re report. The market has gone through a turbulent few years, ... Read the full article
Resolute Global partners with Gallagher Re and KCC on innovative cat reinsurance contract
14th April 2023
Resolute Global Partners, an investment advisor specialising in re/insurance, has launched a brand new type of reinsurance contract created in collaboration with global reinsurance broker Gallagher Re and catastrophe modelling firm Karen Clark & Company (KCC). This innovative reinsurance contract named Footprint focuses on natural catastrophe risk in the United States, ... Read the full article
Floridian insurers see underwriting weaken in 2022: Gallagher Re
13th April 2023
According to reinsurance broker Gallagher Re’s 2022 year-end Florida Market Watch Report, the combined ratio of the industry weakened by over 17% year-over-year to 136.1% compared with 116.3% in 2021. At the same time, net loss & LAE ratios at an industry level rose by 26.3% to 108.9% at 2022 year-end, as ... Read the full article
African Risk Capacity selects Gallagher Re as reinsurance broker
13th April 2023
Global broking and advisory firm Gallagher Re has been selected as the reinsurance broker and risk advisor for African Risk Capacity Limited (ARC), the specialist insurance company which provides parametric insurance cover to African countries against climate and disaster events. The appointment includes the placement of portfolio cover in the reinsurance ... Read the full article
ILS issuance picks up due to capital constraints in traditional markets: Gallagher Re
13th April 2023
Insurance-linked securities (ILS) issuance is picking up due to capital constraints in the traditional market, although at higher pricing than traditional indemnity pricing, Gallagher Re reports. The broker’s 1st View report notes that the initial months of the year were marked by low activity in the primary ILS market, with a ... Read the full article
Better alignment for Japanese business at 1/4 reinsurance renewals: Gallagher Re
12th April 2023
The April 1 reinsurance renewals saw a better alignment of client and reinsurer expectations in Japan in the casualty market, according to Gallagher Re's 1st View report. For Japanese buyers, both client and reinsurers expectations were better aligned than at January 1, which led to a more orderly renewal process, the ... Read the full article
Japan property cat rates rise in “more orderly” April 1 renewals: Gallagher Re
6th April 2023
Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report. However, even though there was enough capacity available to meet client needs, since the largest capacity ... Read the full article
Combined ratios improve for most reinsurers in 2022: Gallagher Re
5th April 2023
A sub-100% combined ratio was reported by 80% of reinsurers tracked by Gallagher Re in 2022, with most firms improving versus the prior year due to lower nat cat losses and expense ratios, suggests the reinsurance broker's latest market report. Premium growth in 2022 remained solid at 12.3%, though down somewhat ... Read the full article
Bart Zanelli named EVP of Gallagher Securities North America
5th April 2023
Global reinsurance broker, Gallagher Re has announced the appointment of Bart Zanelli as Executive Vice President within its North American team. In his new role, Zanelli will focus on a range of capital market activities within Gallagher Securities, the capital markets arm of Gallagher Re. His responsibilities will include capital raising ... Read the full article
After years of one step forward one step back, we seem to have got there: Shea, Gallagher Re
5th April 2023
As the underlying return on equity (ROE) surpasses the reinsurance industry’s cost of capital for the first time in a decade, it gives a sense of direction of the way forward and the level of profitability the sector has now reached, according to Brian Shea, Global Head of Strategic & ... Read the full article
Reinsurer capital down 12% in 2022, but underlying ROE improves: Gallagher Re
5th April 2023
New analysis from Gallagher Re, the global reinsurance broker, shows that total, dedicated reinsurance capital fell by 12% from the end of 2021 to $638 billion as at the end of December 2022, driven by a decline in the value of investments. The broker's latest reinsurance market report tracks the capital ... Read the full article
Tide lifting all boats across reinsurance market: Gallagher Re’s Vickers
4th April 2023
Reflecting on the April renewals, James Vickers, Chairman International, Reinsurance at Gallagher Re, says “the tide is lifting all boats” across the reinsurance market as improved conditions were maintained from the earlier January period and swept across even the smaller markets. Gallagher Re’s 1st View report concludes that the 1/4 ... Read the full article
Gallagher Re names Robert McMillan Renewable Energy Practice Leader
4th April 2023
Global reinsurance broker Gallagher Re, has announced the appointment of Robert McMillan as Renewable Energy Practice Leader within its global marine & energy team. McMillan has over three decades of industry experience, and extensive knowledge and experience in the renewable energy sector, in particular onshore and offshore wind. This, said Gallagher Re, ... Read the full article