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Reinsurance renewals

Reinsurance pricing stable to positive following costly nat cat year: Moody’s

18th April 2018

Moody’s has reported that January 1 reinsurance price renewals were lower than the market expected following a year of substantial natural catastrophe losses, but still expects reinsurers’ profitability to improve modestly based on rate increases, efficiency initiatives, and slowly rising interest rates. Costly disasters in 2017 like the series of Atlantic ... Read the full article

Market transition underway, but who knows if rate firming will persist: Chubb’s Greenberg

13th April 2018

After years of falling rates in the global property and casualty (P&C) industry, prices are starting to firm in some areas in response to 2017 catastrophe events, although it remains unclear just how long the positive rate momentum will last, according to Evan Greenberg, the Chairman and Chief Executive Officer ... Read the full article

Property capacity remained strong at April 1st renewals: Willis Re

11th April 2018

Broker Willis Re has reported that capacity for the property sector remained strong, both in the U.S and globally, despite April 1st renewal price increases being lower than anticipated. In its latest reinsurance renewals report, Willis Re found that April 1st renewal price increases were tempered by weak increases at January ... Read the full article

Renewal pricing “broadly flat” at April 1st: Willis Re

3rd April 2018

Reinsurance renewal pricing was seen as "broadly flat" at the April 1st contract negotiations, as the reinsurance market continued to be affected by excess levels of capital and pricing as a result has disappointed reinsurers, according to broker Willis Re. In its latest reinsurance renewals report, broker Willis Re explains that ... Read the full article

Analysts predict increases in P&C reinsurance pricing and demand

12th March 2018

Insurance and reinsurance Industry analysts Keefe, Bruyette & Woods (KBW) and Morgan Stanley have suggested that the outlook for property and casualty (P&C) reinsurance is positive both in terms of pricing and demand. KBW notes that, although January 1st 2018 reinsurance rates were below most companies’ post-Q3 2017 expectations, reinsurance pricing ... Read the full article

Heritage sees reinsurers offering flat mid-year renewal rates: CEO Lucas

9th March 2018

Speaking during the firm's fourth-quarter 2017 earnings call, Chairman and Chief Executive Officer (CEO) of Heritage Insurance Holdings, Inc., Bruce Lucas, highlighted the Floridian carrier's unique position in the market that has seen its reinsurers offer flat rates for hundreds of millions of dollars of limit. After the devastating impacts of ... Read the full article

Reinsurers’ set for profitability gains in 2018: Moody’s

2nd March 2018

Reinsurers are set for a promising year of increased profitability driven by price increases during annual policy renewals and lower capital levels following 2017's significant underwriting losses. Moody's expects significant catastrophe losses in 2017 to prompt further price increases in 2018, as already seen at the January 1st, 2018 renewals season. Many ... Read the full article

Average global insurance pricing increased by 0.8% in Q4: Marsh

1st March 2018

Record-setting catastrophe losses in 2017 sparked hopes of a bottoming out of the soft market cycle and although re/insurance renewal rates trailed expectations, Q4 2017 saw a reversal of the trend of declining rates as global insurance industry prices increased for the first time in four years, according to Marsh ... Read the full article

Skuld reveals 9.4% growth in 2018 P&I renewals

26th February 2018

Marine insurer Skuld has revealed a 9.4% net increase in mutual P&I gross tonnage from 2017 to 2018 following January renewals which completed on 20th February. Skuld's continued growth in the January renewals brings its mutual P&I tonnage to 92 million gross tonnes (GT), and includes committed tonnage for delivery throughout 2018. Ståle Hansen, ... Read the full article

Hiscox expects continued rate momentum, eyes growth in 2018

26th February 2018

In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article

UK insurers seek to improve portfolio quality following challenging renewals

26th February 2018

Although the UK insurance market place remains strongly capitalised, insurers are seeking to improve the overall quality and risk-adequacy of their portfolio in an environment where rate increases following record losses in 2017 often failed to materialise as expected beyond loss-affected lines, according to Willis' 2018 market place realities report. Clyde ... Read the full article

Rate rises not sufficient for TransRe to grow its book significantly

22nd February 2018

Reinsurer Transatlantic Holdings (TransRe), part of the Alleghany Corporation, did not find the rate rises at the January renewals sufficient for it to greatly increase its risk appetite and expand its underwriting book. TransRe saw pricing in both the property and casualty reinsurance markets as improved in the fourth-quarter of 2017, ... Read the full article

PartnerRe grows book at 1/1 after delivering positive 2017 returns

22nd February 2018

Reinsurance firm PartnerRe saw double-digit growth in its non-life book at the January 2018 renewals in the wake of a year characterised by catastrophe losses, but one in which the company delivered a positive return to its shareholders. The EXOR owned reinsurer from Bermuda, PartnerRe reported net income of $72 million ... Read the full article

XL CEO McGavick pleased to see firming but says market is still underpriced

21st February 2018

Speaking at the Bank of America Merrill Lynch 2018 Insurance Conference, Mike McGavick, the Chief Executive Officer (CEO) of insurer and reinsurer XL Group, said that despite rate improvements at the Jan 1st renewals, the market is still broadly underpriced. "I think the market very broadly is still underpriced. There are ... Read the full article

It’s not a hard market, just a better one, says Lancashire Holdings

19th February 2018

Despite 2017 catastrophe losses driving rate increases at the January 1st, 2018 renewals season, the shift in demand and supply remains insufficient to push the sector into a hard market, according to Paul Gregory, Lancashire Holdings Group Chief Underwriting Officer (CUO) and Chief Executive Officer (CEO) of Lancashire Insurance Company ... Read the full article

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