Reinsurance 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.
30th November 2020
Guy Carpenter (GC), the reinsurance arm of global brokerage Marsh, has warned that the upcoming January 2021 renewals will be uniquely “complex” due to the manifold challenges in the market this year. However, the broker added that re/insurers seem “ready to respond” to these complexities, and noted that some areas of ... Read the full article
24th November 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has expanded its current quota share reinsurance programme for United Property & Casualty Insurance Company (UPC) and Family Security Insurance Company (FSIC), effective December 31st, 2020. For both UPC and FSIC, the insurer has expanded its current quota share ... Read the full article
23rd November 2020
The increased sophistication of the insurance and reinsurance industry, combined with the impacts of a prolonged soft market state, suggests that pricing won't peak at the upcoming January 1st, 2021 renewals, according to industry experts. While market sentiment points to some fairly significant rate improvements at the key 1/1 reinsurance renewals, ... Read the full article
23rd November 2020
Analysts at financial services company Jefferies have forecast that reinsurance rate rises could continue beyond the 2021 renewals, leading to multi-year increases. “With the 2021 reinsurance renewals approaching, we expect prices to rise materially, and, as conditions in 2020 are reminiscent of 2001, multi-year rises may be possible,” analysts said. The firm ... Read the full article
19th November 2020
Despite having to navigate an unprecedented landscape as a result of the COVID-19 pandemic and subsequent remote working, the important January 1st, 2021 reinsurance renewals "started off more constructively than in the past," according to Adam Szakmary, Director of Underwriting, Bermuda, Hiscox Re & ILS. Mindful of the time of year, ... Read the full article
11th November 2020
Willis Re recently held a webinar in which Paddy Jago, Global Chair of Willis Re and Tony Melia, Chief Executive Officer of Willis Re International discussed the upcoming January renewal season and how things in the reinsurance market may develop. Jago commented: “We will experience further gradual firming from where we ... Read the full article
9th November 2020
John Doucette, President and CEO of the Reinsurance division at Everest Re, has said that the company is seeing a flight to quality and a “flight back to the traditional model” ahead of the 2021 renewals. Speaking alongside the release of Everest Re’s Q3 results, Doucette commented on how the ... Read the full article
6th November 2020
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, believes that the January 1st, 2021 reinsurance renewal season is going to be one of the hardest markets witnessed in years. In response to a lengthy soft market state, heavy catastrophe losses and low interest rates, exacerbated by the impacts ... Read the full article
5th November 2020
Albert Benchimol, President and CEO of Bermudian re/insurer AXIS Capital, has said he believes reinsurance pricing is “approaching adequacy” but that more rate action is needed beyond 2021 in some areas. Speaking in an earnings call alongside the release of AXIS’ Q3 results, Benchimol offered his perspective on the current ... Read the full article
4th November 2020
During its recent virtual reinsurance conference, an S&P Global Ratings' panel discussed how the dialogue between brokers and reinsurers is shaping up ahead of the 1/1 renewals. “There are a lot of specifics," noted Justin O’Keefe, Senior Vice President and Chief Underwriting Officer Property for RenRe. "Generally, for the first time in a long ... Read the full article
29th October 2020
Kevin O'Donnell, President and CEO of Bermuda-based reinsurer RenaissanceRe (RenRe), has said that he is “very optimistic" about opportunities for the company as it head into the January 1 renewals, despite it having reported a large underwriting loss for Q3. RenRe is anticipating a supply/demand imbalance in certain areas of ... Read the full article
29th October 2020
American Financial Group, Inc. (AFG) has reported net earnings of $164 million for the third-quarter of 2020 and core net operating earnings of $217 million, compared with earnings of $147 million and $205 million, respectively, in the third-quarter of 2019. AFG notes that the year-on-year increase in core net operating earnings ... Read the full article
14th October 2020
After a prolonged soft market state, characterised by fading margins amid low interest rates, elevated catastrophe losses and inadequate rates, the reinsurance industry can expect to see a significant amount of price and condition strengthening, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong reinsurer, Peak Re. "Everybody ... Read the full article
29th September 2020
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, is witnessing rate increases across all of its core lines of business and expects this more favourable trend to persist into 2021, according to the company's Chief Executive Officer (CEO), Pina Albo. Read the full article
18th September 2020
The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article
