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.
Key reinsurance renewals occur at: the 1st of January, which is the biggest renewal of the reinsurance year and has a broader global focus; April 1st when Japanese reinsurance renews; June 1st for Florida reinsurance renewals; and July 1st when more US reinsurance business gets renewed.
Our reinsurance renewals news covers all of these key points in the year and we also provide analysis and insight into what to expect at upcoming renewal seasons as well.
American Coastal renews cat XoL agreement, adds $40m of aggregate reinsurance limit
8th January 2025
Florida-based American Coastal Insurance Corporation (ACIC) has renewed its catastrophe excess of loss agreement (AOP CAT agreement), which provides up to $90 million in per-occurrence coverage above a $10 million attachment point, and has also secured $40 million in aggregate catastrophe limit at the January renewals. The AOP CAT agreement, facilitated ... Read the full article
Reinsurance market to remain largely attractive for buyers and sellers in 2025: Aon
7th January 2025
Global broking group Aon expects the reinsurance market to remain largely attractive for both buyers and sellers of protection in the months ahead, but has called on reinsurers to demonstrate their value as they target top line growth. In its latest Reinsurance Market Dynamics report, which explores the January 1st, 2025, ... Read the full article
IAG shrinks reinsurance program slightly for 2025
7th January 2025
Australian insurer IAG has successfully placed its catastrophe reinsurance program for 2025, purchasing slightly less protection than in 2024. The program includes a main catastrophe cover for two events up to $10 billion and an unchanged attachment at $500 million. Notably, aggregate, drop-down, and subsequent event covers are gone compared ... Read the full article
Rate adequacy in property still ‘very attractive’ despite declines at 1.1 renewals: Peel Hunt
6th January 2025
Analysts at Peel Hunt estimate that loss-free risk-adjusted rates across a diversified reinsurance portfolio fell by around 6% at the January 1st, 2025, renewals, but stress that rate adequacy remains "very attractive" in property classes, with exposure growth and lower hedging costs expected to partially offset rate decreases. Following the release ... Read the full article
Efficient reinsurance structures key for 1.1 cyber renewals: Gallagher Re
6th January 2025
As per Gallagher Re's 1st View report, the cyber renewals at 1.1 2025 focused on securing the most efficient reinsurance structures amid "extremely healthy" levels of capacity from reinsurers and an improved understanding of tail risk from buyers. The cyber section of the reinsurance broker's report highlighted heightened competition for both ... Read the full article
Rates-on-line for retro cat XoL fall 10-20% at 1.1 2025, says Howden
6th January 2025
According to Howden's 1.1 2025 renewals report, risk-adjusted retrocession catastrophe XoL rates-on-line fell by between 10% and 20% at the January reinsurance renewals, as a result of trapped capital stemming from Hurricane Milton being negligible and supply dynamics increasingly favouring buyers as additional capacity entered the market. The broker explained that ... Read the full article
Guy Carpenter global property cat ROL index down 6.6% at Jan 1 reinsurance renewals
6th January 2025
Reinsurance broker Guy Carpenter's latest Global Property Catastrophe Rate on Line (ROL) Index has fallen 6.6% at the January 1st, 2025, reinsurance renewals, which reflects the reported rate decreases seen across global property cat treaties. Guy Carpenter updates its Global and Regional Property Cat ROL Indices at key renewal dates, and ... Read the full article
CEE cat loss-free property reinsurance treaties renew -2.5% to +5% at 1.1: Gallagher Re
3rd January 2025
According to reinsurance broker Gallagher Re, Central and Eastern Europe (CEE) catastrophe loss-free property reinsurance treaties were renewed -2.5% to up 5%, while catastrophe loss-hit reinsurance rates increased 10% to 20% at the January 1, 2025 renewals. Focusing on property cat excess of loss, the CEE region was heavily loss impacted ... Read the full article
Cyber reinsurance market increasingly mature and efficient: Howden
3rd January 2025
The 1 January 2025 cyber reinsurance renewals progressed smoothly, with some notable price moderation, the entry of new reinsurers, and a growing focus on non-proportional products, reflecting an increasingly mature and efficient market, according to Howden's 1.1 renewal report. Reinsurance buyers benefited from favourable supply and demand conditions in 2024, driven ... Read the full article
Reinsurers see opportunities amid market moderation: Gallagher Re CEO
3rd January 2025
Reinsurers view the current market as an attractive space, even after some moderation in terms and conditions. However, they face ongoing pressure to deliver strong results amid a renewal season marked by variability and diverse outcomes, according to Tom Wakefield, Chief Executive Officer (CEO) of Gallagher Re, the reinsurance arm ... Read the full article
Property cat reinsurance rates-on-line down 8% at 1.1 2025: Howden
2nd January 2025
According to global insurance and reinsurance broking group Howden, risk-adjusted global property-catastrophe reinsurance rates-on-line decreased by 8% on average at the January 1st, 2025, reinsurance renewals, in comparison to +3% that was recorded last year. In their January 1st 2025 reinsurance renewals report, Howden noted that demand at this years renewals ... Read the full article
Property renewals largely orderly, rate reductions ‘entirely rational’ says Gallagher Re
2nd January 2025
Global property reinsurance renewals were largely orderly at the January 1st, 2025, renewals, and although reduced risk adjusted pricing was greater than many sellers planned for, is "entirely rational and expected" given plentiful capacity and robust results for 2024, according to Gallagher Re. The reinsurance broker has published its 1st View ... Read the full article
Structural changes introduced during hard market likely to endure in 2025: Howden
2nd January 2025
According to Howden's 2025 market report, the January 1 reinsurance renewals experienced notable softening overall, reflecting strong price adequacy and reinsurers’ ambitions for growth. Howden explained that over the past 12 months, favourable supply dynamics have become increasingly apparent in both the commercial insurance and reinsurance markets. These dynamics were reportedly instrumental ... Read the full article
Reinsurers’ desire to grow created opportunities for buyers at Jan 1 renewals, says Aon
30th December 2024
Ahead of the release of its Reinsurance Market Dynamics January 2025 Renewal report next week, re/insurance broking group Aon has noted the greater flexibility exhibited by reinsurers at the January 1st, 2025, renewals, following consecutive years of strong results in the hard market environment. According to Aon, the report will reveal ... Read the full article
Reinsurer appetite up at Jan 1 as loss-free property cat rates fall 5-15%: Guy Carpenter
30th December 2024
Property catastrophe renewals were consistently oversubscribed at January 1 as reinsurer appetite increased more than demand, with a range of pricing outcomes as non-loss-impacted renewals saw risk-adjusted rate reductions of 5% to 15%, according to reinsurance broker Guy Carpenter. At the same time, and in contrast to that broader property cat ... Read the full article
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