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.

CEA could shrink reinsurance program after struggling to secure cover

6th December 2022

The California Earthquake Authority (CEA), one of the world's largest insurers of residential earthquake cover, has warned that it will likely be forced to reduce its reinsurance program in the near future, after struggling to secure ample capacity at renewals this year. In a board meeting this week, leaders at the ... Read the full article

Swiss Re looking at one of the most “positive outlooks” for a while at 1/4: Paul Murray

2nd December 2022

Swiss Re’s Chief Executive Officer Reinsurance Asia, Paul Murray spoke with Reinsurance News to share his thoughts on Swiss Re’s outlook for the upcoming Asia renewal season, as well as how he sees market conditions developing within reinsurance in Asia Pacific. Addressing Swiss Re’s outlook for the Asia renewal season, Murray ... Read the full article

Reinsurance structures as crucial as pricing at 2023 renewals: JP Morgan

29th November 2022

Analysts at JP Morgan have asserted that the structure of reinsurance programs could play “as important of a role as pricing” at the upcoming renewal periods. In a new report, the firm argued that recent years of poor returns for the reinsurance industry have not simply been due to bad luck, ... Read the full article

Reinsurance market expected to cause Hull insurers difficulties at renewals: Gallagher

29th November 2022

According to the Divisional Director of Marine at Gallagher, Mike Ingham, the reinsurance market is expected to present Hull insurers with a new set of difficulties at the forthcoming January renewals. Ingham notes that the market is already suffering from large potential losses on Aviation War and War on Land policies. He ... Read the full article

Hard property cat reinsurance market to support 2023 margins: Fitch

28th November 2022

According to Fitch Ratings, reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims from high inflation and climate change. Further, increasing prices and higher reinvestment yields will help offset the effects of rising claims inflation and lower asset values, ... Read the full article

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