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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.

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

Reinsurers disappointed with January renewals: S&P

3rd March 2021

Analysts at rating agency S&P global ratings have noted that reinsurers feel they haven't fully benefitted from their results, despite the global reinsurance pricing gains from the January renewals. Although this year's renewal season started with high hopes, with many reinsurers having freshly raised capital, the price increases were below expectations, ... Read the full article

Capital inflows could dampen positive pricing momentum, says A.M. Best

26th February 2021

The inflow of new capital into the industry on the back of improving market conditions could have a detrimental effect on price improvements, although a number of "moving parts" could also have an influence, according to analysis by A.M. Best. The combination of heavy catastrophe loss years, the lower for longer ... Read the full article

RSA posts £718mn 2020 underlying profit, details reinsurance renewals

26th February 2021

UK insurer RSA has announced an underlying profit before tax of £718 million for full year 2020, up 15% from 2019. Additionally, group business operating result was up 15% at £751 million. In aggregate, the estimated net impact of COVID-19 from premiums, claims and investment income effects is a £42 million drag ... Read the full article

UK P&I Club reports continued support from members at renewals

26th February 2021

The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services to the international shipping community, has announced its renewal results for 2021. Despite the challenges of a remote renewal, 98% of its members have renewed for a further year. The Club achieved its key target of improving ... Read the full article

AXA lowers retention at January reinsurance renewals

25th February 2021

French insurer AXA opted to lower its natural catastrophe retention levels at the January 2021 reinsurance renewals, the company has revealed. For its insurance segment, the retention has been lowered to €500 million for North America key perils, including hurricane and earthquake, with reinsurance coverage to absorb costs up to $1.25 ... Read the full article

Reinsurance rates not yet in line with risks: Moody’s

25th February 2021

Analysts at Moody’s are predicting that reinsurance rates will continue to rise significantly throughout 2021, on the basis that operating returns are not compensating reinsurers for the risks they assume. While the January renewals did yield some positive pricing trends for reinsurers, rates are still remain well below levels seen in ... Read the full article

AIG brings down aggregate reinsurance limit to $2.05bn for 2021

22nd February 2021

Global insurer and reinsurer AIG has renewed its worldwide property catastrophe reinsurance program for 2021, securing a reduced $2.05 billion of aggregate limit that is shared across regional towers. In comparison, the firm's 2020 property cat reinsurance renewal included $2.5 billion of aggregate limit shared across regional towers of the ... Read the full article

AIG’s Zaffino ‘extremely pleased’ with 1/1 renewals

19th February 2021

Peter Zaffino, president and incoming Chief Executive Officer of AIG, has praised his firm for its 1/1 reinsurance renewal activity, particularly amid such a challenging market environment. AIG restructured its core placements in every major general insurance treaty. The company reduced the catastrophe per-occurrence attachment points in North America from $500 million ... Read the full article

Korean Re Switzerland expands reinsurance business at 1/1

17th February 2021

Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has reported an expansion of its reinsurance business at the January 1 renewals. The company saw profitable growth in business as well as further diversification of its portfolio, both geographically and by line of business. In addition to its property offerings, ... Read the full article

Selective says reinsurance costs outpacing primary rate increases

15th February 2021

Selective Insurance has reported that its reinsurance renewal prices at January 1 were in some cases higher than it expects to generate on the underlying insurance policies it sells. The company warns that the accelerating cost of reinsurance will likely impact its underwriting profitability over 2021, At the same time, it has ... Read the full article

SCOR records +15.9% premium growth at favourable Jan 1 reinsurance renewals

9th February 2021

Global reinsurer SCOR has highlighted favourable market conditions at the January 1st, 2021 renewals, as the firm grew its reinsurance treaty premium income up for renewal by 15.9%. Overall, premiums increased by €472 million to €3.445 billion, with SCOR reporting an overall average price increase of 7.8%. The re/insurer states that in ... Read the full article

New entrants filled capacity gaps at 1/1 renewals: Lockton Re

4th February 2021

Following somewhat muted rate increases at the January 1 reinsurance renewals, Ross Howard, Global Executive Chairman at Lockton Re, has attributed the suppressed dynamic to new market entrants plugging gaps in capacity. Prices increased at 1/1 on the back of a hardening re/insurance market, but rate increases were generally more modest ... Read the full article

Hannover Re reports average price increase of 5.5% at Jan 1st renewals

4th February 2021

Reinsurer Hannover Re has reported an average price increase of 5.5% on renewed business at the January 1st, 2021 renewals, as the firm booked premium growth in traditional property and casualty reinsurance of 8.5%. According to Hannover Re, the pricing trend witnessed at 1/1 was driven by the substantial burden of ... Read the full article

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