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.

HCI to wait until after Florida special session to finalise reinsurance: CEO Patel

11th May 2022

Florida-based HCI Group's founder and Chief Executive Officer (CEO), Paresh Patel, revealed recently that the company will wait until after the special session in late May to complete is reinsurance placement. Earlier this week, Florida's governor Ron DeSantis called for a special session to consider legislation to improve the prospects of ... Read the full article

RenRe ‘not that interested in Florida’, structural issues a big concern: CEO O’Donnell

6th May 2022

Ahead of the mid-year renewals, Bermuda-based RenaissanceRe is less interested in the Florida market than in the past, with the company's Chief Executive Officer (CEO), Kevin O'Donnell, explaining that the outcome in June is "of diminishing consequence to us." Plagued by structural and legal issues, the Florida domestic homeowners' market is ... Read the full article

Allstate raises catastrophe reinsurance coverage by $850m

5th May 2022

US primary insurer Allstate has expanded its per-occurrence Nationwide Excess Catastrophe Reinsurance programme for 2022-2023 to provide coverage up to $6.614 billion of losses, less a $500 million retention. In Q1 2022, Allstate completed the renewal of some of its catastrophe reinsurance placements for 2022-2023, specifically its Nationwide Excess Catastrophe Reinsurance ... Read the full article

Hard market to be extended by Ukraine, inflation & supply chain disruption

2nd May 2022

There's no prospects of a return to a softening cycle in global commercial insurance prices while the current global volatility and its inflationary effect continues, the comments of a range of industry personalities who spoke with the Financial Times imply. Interviewed by the FT recently, industry leaders seem to agree that ... Read the full article

FedNat has doubt it can continue amid downgrade and underwriting losses

26th April 2022

Florida headquartered primary insurer FedNat has cast doubt over its ability to continue as a going concern in light of its recent rating downgrade by Demotech, while the firm expects further underwriting losses in Q1 2022 on the back of new catastrophe weather events. Almost a decade ago, FedNat embarked on ... Read the full article

Travelers erodes almost 9% of aggregate reinsurance retention

20th April 2022

US primary insurer Travelers reported that it’s eaten through almost 9% of its catastrophe aggregate reinsurance retention in the first-quarter of 2022, as the firm accumulated $175 million of qualifying losses. Back at the January reinsurance renewals, Travelers shrunk its aggregate coverage, with tighter terms due to market conditions and ... Read the full article

Pricing pressure faded at nuanced Japan renewals: Gallagher Re

8th April 2022

Analysts at Gallagher Re have reported that continued reinsurer pricing pressure faded during the course of the April 1 renewals in Japan, which was characterised by an “orderly” process with nuanced pricing dynamics. For property catastrophe excess of loss business in Japan, Gallagher Re reported that a limited amount of new ... Read the full article

Florida renewals to be toughest in recent memory: analysts

6th April 2022

Analysts at JMP Securities have warned that the upcoming June 1 Florida reinsurance renewals are set to be “one of the toughest in recent memory,” as conditions in the state continue to be regarded as unsustainable. Last week, rating agency Demotech suggested that up to 20 Florida carriers could be downgraded ... Read the full article

Calm April renewals dominated by an orderly Japanese market: Vickers, Gallagher Re

1st April 2022

Both buyers and sellers of protection managed expectations well at the April 1st, 2022, reinsurance renewals, driven by its heavy focus on the disciplined Japanese market, resulting in a calm 1/4, according to James Vickers, Chairman International, Reinsurance at Gallagher Re. We spoke with Vickers around the launch of reinsurance broker ... Read the full article

Inflation a hot topic at “balanced” April reinsurance renewals: Gallagher Re

1st April 2022

During an "undramatic" and "balanced" April 1st, 2022, reinsurance renewals season, there was widespread discussion about inflation as reinsurers were keen to understand its impact on cedants' portfolios, reports Gallagher Re. The reinsurance broker's latest April 1st View report was released this morning, revealing modest reinsurance rate increases characterised by an ... Read the full article

European reinsurers grow portfolios by 10% at Jan renewals: Litmus

18th March 2022

Data compiled by Litmus Analysis shows that the largest four European reinsurers - Hannover Re, Munich Re, SCOR and Swiss Re, grew their combined portfolio by 10% at the January 2022 renewals. This is a 5% portfolio growth from last year’s January renewals, however certain reinsurers’ portfolios grew by an ... Read the full article

February marks increase for most premium renewal rates: IVANS

11th March 2022

IVANS, a division of Applied Systems, has released the February results of its insurance premium renewal rate index, which shows that nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ ... Read the full article

AXIS hopeful upward rate momentum will continue: Ann Haugh

21st February 2022

After a late January 1st, 2022, reinsurance renewals season with evident disruption, Bermuda-based AXIS Capital Holdings Limited feels that some of the positives suggest a continuation of the current rate and market environment, according to Ann Haugh, the firm's President of Global Property Reinsurance. Executives from global insurer ... Read the full article

Allianz grows aggregate reinsurance and lifts catastrophe budget for 2022

21st February 2022

Global insurance carrier Allianz has expanded its aggregate reinsurance protection for 2022 and also raised its catastrophe budget for the year, after the company experienced a particularly high burden from nat cat losses in 2021. Allianz's recently published full year 2021 financial results show that the insurer recorded net natural ... Read the full article

QBE ups reinsurance spend at renewal, adds top layer

18th February 2022

Australian insurer and reinsurer, QBE Insurance Group Limited, has reported on the details of its reinsurance renewal for 2022, which included increased costs of $50 million for its Core Group Program, as well as the addition of a new catastrophe top layer for Australia and New Zealand. Coming out of the ... Read the full article