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Reinsurance renewals

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.

Modest market hardening across global specialty lines at 1/1: Willis Re

15th January 2018

Across multiple global specialty lines, a modest hardening of rates is expected in 2018, however, new capacity has entered the market in anticipation of the hardening market and will thus reduce the impact on rate growth, according to Willis Re's viewpoint report on January renewals. In the global specialty markets signs of ... Read the full article

Argo renews reinsurance sidecar vehicle Harambee Re for 2018

15th January 2018

Specialty re/insurer Argo Group International has announced the renewal of its Harambee Re sidecar reinsurance vehicle for 2018. Launched in 2013, Argo said the sidecar continues the firm's "successful track record of building relationships with third-party capital providers to support the company’s growing insurance and reinsurance portfolios." Argo Group Chief Executive Officer ... Read the full article

GIG-Egypt renews reinsurance deal with Hannover Re

12th January 2018

Egypt’s Arab Misr Insurance Group (GIG) has renewed a one-year reinsurance deal with Hannover Re under the same conditions and retention rates of last year, the Amwalalghad reported. The Egyptian Life Takaful Company is the first established Takaful life insurer in the Egyptian market, and boasts a good business profile across Egypt's insurance market. Last ... Read the full article

European reinsurers best placed to benefit from a flight to quality at renewals: Deutsche Bank

12th January 2018

Europe's big four reinsurance players are in a good starting position for the 2018 renewals and Deutsche Bank analysts expect the reinsurers to benefit from a flight to quality during renewals, as clients rethink their reinsurance programmes. In spite of the prolonged softened reinsurance marketplace and the huge level of catastrophe ... Read the full article

Reinsurance price increases could be short-lived: Aon Benfield

9th January 2018

Despite pricing in the global reinsurance industry increasing at the January 1st renewals after third and fourth-quarter 2017 catastrophe events, reinsurance broker Aon Benfield expects this trend to be short-lived as capital continues to enter the market, and warns it could have a lasting impact on the reinsurance market. According to ... Read the full article

United Insurance renews quota share & aggregate catastrophe reinsurance cover

9th January 2018

United Insurance Holdings Corp. (UPC Insurance) has renewed both its quota share reinsurance agreement and its aggregate excess of loss reinsurance arrangement for 2018. The new, 2018 quota share reinsurance agreement is effective December 31st, 2017, and protects UPC through its wholly owned insurance subsidiary, United Property and Casualty Insurance Company (UPCIC). A new, ... Read the full article

Jan 1st reinsurance price increases a good and positive start for reinsurers: Moody’s

8th January 2018

Reinsurance price increases at the January 1st, 2018 renewals season are "a good start for the reinsurance industry," and, combined with efforts to lower operating costs, should lead to improved combined ratios for global reinsurance players, according to Moody's Investors Service (Moody's). Citing Willis Re's 2018 reinsurance renewals report, which states ... Read the full article

Soft market prevails at 1/1 but uncertainty over final Q3 fallout remains: David Flandro

5th January 2018

Commenting on the January 1st renewals JLT Re's Global Head of Analytics, David Flandro, said the market continues to be driven by the supply of reinsurance capital with an abundance of both traditional and alternative capital rushing in to fill the massive Q3 insured losses, but uncertainty over the final ... Read the full article

IAG signs $8bn 2018 reinsurance, reduces retention with quota-shares

3rd January 2018

Australian primary insurance giant Insurance Australia Group Limited (IAG) has successfully placed its 2018 reinsurance program, lowering its retentions thanks to its new quota-share arrangement and only experiencing modest rate pressure. For 2018 IAG has secured an $8 billion catastrophe reinsurance program, but where as last year the program was 80% ... Read the full article

Rate movements varied at 1/1 but retro and D&F saw highest increases: JLT Re

2nd January 2018

After years of falling rates, global property catastrophe reinsurance lines saw upwards pricing movements at the January 1st, 2018 renewals, although the level of rate increases varied significantly across regions, according to reinsurance broker JLT Re. After the huge level of global catastrophe losses in the third-quarter of 2017 reinsurers were ... Read the full article

Headwinds limit significant pricing corrections for reinsurers: Willis Re

2nd January 2018

On the back of one of the worst loss years on record for the global insurance and reinsurance market, pricing corrections have not been as significant as many in the market had hoped for, driven by a number of factors, according to Willis Re's 1st View renewals report. Recent catastrophe ... Read the full article

Rate rises underwhelm at January 2018 reinsurance renewals

2nd January 2018

Rate rises on loss affected contracts have been underwhelming at the key January 1st reinsurance renewals, with reports suggesting price increases failed to meet reinsurers expectations. In the run up to the renewals it was largely expected that price increases would not live up to the earlier expectations of the ... Read the full article

Price increases in non-life reinsurance will be temporary: Berenberg

20th December 2017

Price increases in non-life reinsurance in 2018 are expected to be short-lived despite record-level 2017 catastrophe losses due to strong market competition as third-party capital continues to flow into the re/insurance space, according to Berenberg analysts. Berenberg explained that as third-party capital enters the re/insurance space “organic capital piles up and ... Read the full article

A.M. Best holds negative outlook on global reinsurance market for 2018

19th December 2017

Despite the impacts of third-quarter 2017 catastrophe events expected to improve reinsurance market conditions, uncertainty surrounding the level of price increases and how sustainable any market improvement might be has led A.M. Best to maintain its negative outlook for the sector for 2018. Heading into the January 1st, 2018 renewals season ... Read the full article

Citizens’ preparing for hardening reinsurance market in 2018

18th December 2017

Citizens Property Insurance Corporation is anticipating a hardening market as a result of hurricane Irma and other global catastrophe events experienced in the second-half of 2017, and is budgeting appropriately. The Florida state-backed insurer has announced its risk transfer plans for 2018, revealing that it will look to secure $1.45 billion ... Read the full article

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