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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.

We have to separate Florida from rest of portfolio: Guy Carp CEO Hearn

29th April 2021

Speaking during the Marsh McLennan first-quarter 2021 earnings call, CEO of reinsurance broking arm Guy Carpenter, Peter Hearn commented that at the upcoming mid-year reinsurance renewals, Florida will have to be separated from other business. Hearn said: “We have to separate Florida from the rest of our portfolio because it’s a ... Read the full article

Munich Re doing ‘more business on better terms’, says CEO Wenning

28th April 2021

Global reinsurer Munich Re expects market hardening to persist in the property / casualty reinsurance sector as it continues to take advantage of favourable conditions, according to its Chief Executive Officer (CEO), Joachim Wenning. The German reinsurance company held its virtual 2021 Annual General Meeting (AGM) this morning, during which CEO ... Read the full article

GC notes shift towards non-proportional capacity for Korean market at 4/1

22nd April 2021

Guy Carpenter analysts have noted a clear movement of capital during the April 1 reinsurance renewals in Korea, with capacity shifting from proportional to non-proportional and from risk to event. Prior to the April 1 reinsurance renewals in Korea, expectations for pricing increases were reportedly quite high. While Korea had not experienced ... Read the full article

Morgan Stanley expects “sustained” reinsurance pricing ahead of renewals

19th April 2021

Analysts at Morgan Stanley are expecting reinsurance rate increases to prove more sustainable as they examine pricing trends ahead of the mid-year renewals. Though discussions of pricing at Jan 1 and Apr 1 renewals have been characterized as slightly disappointing, Morgan Stanley noted that pricing was generally up across the board ... Read the full article

David Flandro predicts pricing improvements for mid-year renewals

19th April 2021

David Flandro, Managing Director at HX Analytics, has predicted that the upcoming June and July reinsurance renewal period will yield more favourable pricing improvements than were seen at January and April. Speaking to analysts at Morgan Stanley, Flandro noted that, while industry capital remains high, reinsurers are facing constraints on profitable ... Read the full article

SCOR achieves overall rate increase of 4.3% at April 1 reinsurance renewals

16th April 2021

French insurer and reinsurer SCOR has reported a strong April renewals season, during which the firm grew its premiums by more than 14%, with an overall increase in pricing of 4.3%. The reinsurer says that it benefitted from the continued improvements in pricing and terms & conditions already seen at the ... Read the full article

Property cat rates up again at April 1 but increases fading: Guy Carpenter

15th April 2021

Property catastrophe pricing increased for the third year running at the April 1st, 2021 reinsurance renewals, while discussions about coverage were dominated by communicable disease and cyber, according to Guy Carpenter (GC), the reinsurance broking arm of Marsh. Despite the positive momentum continuing at April 1st, GC notes that the average ... Read the full article

Good progress made at “disciplined” April renewals: Willis Re’s Vickers

7th April 2021

Willis Re’s James Vickers believes that reinsurers made “good progress” at an April renewal period that saw underwriting discipline and a continuation of the rate increases seen at 1/1. Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News alongside the release of Willis Re’s 1st View ... Read the full article

Market pricing remains firm at 4/1 despite ample capacity: Willis Re

1st April 2021

Broker Willis Re has reported that market pricing has remained firm in virtually all classes and territories at the April 1 reinsurance renewals, despite there being no shortage of capacity. According to Willis Re’s 1st View report on the April renewal period, conditions very much continued in line with what was ... Read the full article

ILS and reinsurance market show resilience at 2021 renewals: AM Best

31st March 2021

The insurance-linked securities (ILS) and traditional reinsurance markets have shown resilience at the January 2021 renewals, despite multiple small-to-medium-sized catastrophe losses and the COVID-19 pandemic, according to analysts at AM Best. A report by the rating agency shows that there was sufficient ILS and traditional reinsurance capital to meet demand at ... Read the full article

Reinsurers to achieve low single digit rate improvements in April, says Morgan Stanley

31st March 2021

Analysts at Morgan Stanley expect European reinsurers to achieve low single digit rate improvements in the Japan-focused, April renewals, alongside further tightening in terms and conditions (T&C). After consecutive heavy loss years and the impacts of the pandemic in 2020, reinsurers were hopeful of meaningful rate rises at the January 1st, ... Read the full article

TWIA eyes total aggregate reinsurance of up to $5bn for 2021 season

24th March 2021

The Texas Windstorm Insurance Association (TWIA) is looking to secure up to $5 billion of reinsurance protection ahead of the 2021 Atlantic hurricane season, through a combination of traditional reinsurance, catastrophe bonds, and statutory funding. TWIA's Board received a presentation from staff and reinsurance broker Guy Carpenter, and subsequently voted to ... Read the full article

CCR Re’s premium income jumps 12% at Jan 1 reinsurance renewals

16th March 2021

French state-owned reinsurer CCR Re has reported overall premium income growth of 12% to €50 million at the January 1st, 2021 reinsurance renewals, a period which represents roughly 70% of its annual premium income volume across both P&C and L&H reinsurance. The reinsurer explains that it underwrote roughly €500 million at ... Read the full article

Citizens targets $2.6bn in reinsurance as policy count swells

4th March 2021

Florida's Citizens Property Insurance Corporation is seeking approximately $2.6 billion of fresh reinsurance protection from its 2021 reinsurance renewal, as the firm prepares to accept almost 150,000 additional policyholders by the end of the year. Citizens' Chief Financial Officer (CFO), Jennifer Montero and others are entering into negotiations with both the ... Read the full article

Uri losses to sustain reinsurance rates through mid-year: KBW

3rd March 2021

Analysts at KBW have reported that the industry expects losses from Winter Storm Uri to sustain property catastrophe reinsurance rate increases through the mid-year renewals period. According to KBW, most re/insurance executives view a $10 billion to $20 billion loss range as reasonable for Uri, which has brought damaging ice damaging ... Read the full article

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