Reinsurance News
Reinsurance renewals news
Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed.
The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.
Ariel Re focused on discerning risk selection amid market uncertainty at upcoming renewals
16th November 2022
With the January reinsurance renewals just a couple of months away, there are a number of different factors that could impact property renewals. The hard market has been gaining momentum and been sent into overdrive by Hurricane Ian. Added into this mix are the macro-economic factors such as inflation, and ... Read the full article
Beazley targets £385m capital raise, plus retail share issuance
15th November 2022
Specialist insurer Beazley plans to issue 60,959,017 new ordinary shares of five pence each to raise gross proceeds of £385 million, alongside an additional retail share issuance, as the company looks to take advantage of "attractive underwriting conditions." The new ordinary shares Beazley intends to issue represents 9.9% of its existing ... Read the full article
Clear that reinsurance pricing dynamics are set to materially change into 2023, say analysts
15th November 2022
A discussion with Sven Althoff, Member of the Executive Board at Hannover Re, has left analysts at JP Morgan confident that reinsurance pricing should materially improve into next year, with positive dynamics anticipated in all classes of business. "We believe the call supported our argument that reinsurance pricing should materially improve ... Read the full article
HCI Group expects there to be enough reinsurance for its needs in 2023: CEO Patel
11th November 2022
Florida-based insurtech HCI Group, Inc.'s Chairman and Chief Executive Officer (CEO), Paresh Patel, expects there to be sufficient reinsurance available for the firm's needs in 2023, despite a reduction in supply in the State of Florida. Prior to the 2022 Atlantic Hurricane season and costly impacts of Hurricane Ian in Florida ... Read the full article
It’s a risk to get carried away in a hard market: Lloyd’s CFO Keese
11th November 2022
It's likely the hardest market in reinsurance since the aftermath of 2005, but as Hurricane Ian's impacts accelerate the trend with additional firming anticipated for the months ahead, it's important for underwriters not to get carried away, according to Burkhard Keese, Chief Financial Officer (CFO) of the specialist Lloyd's re/insurance ... Read the full article
FEMA estimate suggests Hurricane Ian likely to trigger NFIP’s reinsurance cover
11th November 2022
The U.S. Federal Emergency Management Agency (FEMA) has estimated that Hurricane Ian could drive National Flood Insurance Program (NFIP) losses of between $3.5 billion to $5.3 billion, including loss adjustment expenses, which at the mid-point would trigger its reinsurance protection. FEMA has reported that the NFIP has now received 44,000 claims ... Read the full article
We need to be disciplined & nimble in our approach to the market: SiriusPoint’s Scott Egan
10th November 2022
SiriusPoint’s CEO Scott Egan has said that the firm must be disciplined in its risk appetite and nimble in its approach to the market as it looks to restructure its underwriting platform following a net loss of $98 million for the Q3 period. SiriusPoint reported an underwriting loss of $47m ... Read the full article
Clear indications for a widespread hard market: Munich Re CFO
8th November 2022
As the market heads towards the important January 1st, 2023, reinsurance renewals, Christoph Jurecka, Chief Financial Officer (CFO) of German reinsurance company, Munich Re, is optimistic that further rate hardening will not be restricted to loss-impacted lines or regions. The CFO and Member of the Board held an earnings call recently ... Read the full article
Early indications suggest TWIA could need ~$3bn of reinsurance for 2023 wind season
4th November 2022
Earlier this week, Stuart Harbour, Chief Financial Officer (CFO) of the Texas Windstorm Insurance Association (TWIA), presented preliminary reinsurance projections to the Board, which show that the entity could purchase significantly more reinsurance protection for 2023. According to the data, which is not an official budget but based on the output ... Read the full article
Hurricane Ian has tipped the balance; expect severe dislocation for 2023 renewals: Lancashire CUO
3rd November 2022
Even prior to the 2022 wind season, specialty re/insurer Lancashire Holdings expected catastrophe-exposed lines to harden considerably for next year, and according to Group Chief Underwriting Officer (CUO), Paul Gregory, Hurricane Ian has "tipped the balance". Speaking recently during an earnings call to discuss Lancashire's 9M 2022 results, Gregory and ... Read the full article
Step change in the pricing & structuring of reinsurance is required, says RenRe’s O’Donnell
2nd November 2022
It's important that property catastrophe is the most profitable line within the global property and casualty (P&C) market, but in order for this to happen, "there must be a step change in the pricing and structuring of reinsurance coverage", according to Kevin O'Donnell, President and Chief Executive Officer (CEO) of ... Read the full article
AIG confident in ability to obtain necessary reinsurance for 2023: CEO Zaffino
2nd November 2022
Despite the fact Hurricane Ian will impact an already hardening reinsurance market, Peter Zaffino, Chief Executive Officer (CEO) of global insurer AIG, said today that his firm has commitments from all of its major reinsurers that they'll be able to deploy the same amount of capital to the extent AIG ... Read the full article
Risk Strategies warns of capacity shortage at 1/1
2nd November 2022
A new State of the Market Report by specialty insurance brokerage and risk management firm, Risk Strategies, has warned clients to settle their re/insurance negotiations as early as possible, ahead of an anticipated shortage of capacity at the upcoming January renewals. CEO John Mina noted that businesses face an uncertain economic ... Read the full article
Hiscox Re & ILS falls to loss on Ian, but group sees ‘exciting opportunity’ in reinsurance
2nd November 2022
Specialist insurer Hiscox has announced gross premiums written (GPW) growth of 6.3% to $3.68 billion for the first nine months of 2022 supported by impressive growth within its Hiscox Re & ILS division. Although, this part of the business suffered net losses of $90 million in the period as a ... Read the full article
“Many carriers are pulling out of property cat, but we are not afraid”: Ariel Re’s Maccioni
1st November 2022
With a growing number of reinsurers cutting capacity for property catastrophe re/insurance and causing a hard market, Reinsurance News had the chance to speak to Ariel Re’s London-based Property Underwriters Tom Orton and Giovanni Maccioni ahead of the January renewals about the company’s current appetite and future plans for property ... Read the full article
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