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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.

FedNat ups cat reinsurance program amid “restrictive” market

28th June 2021

Florida based primary insurer FedNat has detailed the terms of its 2021-2022 catastrophe reinsurance renewals, which saw the firm expand its program despite the impact of "more restrictive terms" on the availability of some coverages. Overall, FedNat secured $1.41 billion of single event reinsurance coverage in excess of up to a ... Read the full article

Reinsurance rate increases outstripped claims inflation through Q1: Willis Re

17th June 2021

Analysts at Willis Re have observed an improvement in underlying profitability among global re/insurers in the first quarter of 2021, as rate increases for both reinsurance and commercial insurance lines of business continued to outstrip claims inflation. Claims inflation has been flagged as one of the key challenges facing the re/insurance ... Read the full article

Collateralised reinsurers lead the way for Citizens 2021 renewal

7th June 2021

The largest slice of Florida’s Citizens Property Insurance Corporation's 2021 traditional reinsurance renewal went to providers of collateralised reinsurance, with these participants committing more limit than domestic and Bermuda reinsurers combined. For both the Coastal Account and Personal Lines Account segments of its $4.487 billion reinsurance tower, Citizens has secured a ... Read the full article

Rate hardening to persist through 2022, says Swiss Re

4th June 2021

According to key market conditions identified by global reinsurer Swiss Re, price rises are expected to continue both this year and next, further increasing the profitability of new business. For example, Swiss Re notes how re/insurance rates have been hardening since 2018, with price momentum having picked up at this year's ... Read the full article

Property cat rates up by 5-10% at June 1 reinsurance renewals: HX

1st June 2021

Risk-adjusted property catastrophe reinsurance rates increased by 5-10% on average at the June 1st, 2021 renewals as price momentum decelerated year-on-year, according to HX, the digital, analytics, and advisory unit of Howden Group Holdings. According to data available in financial and underwriting data platform, NOVA, reinsurance rate momentum remained at the ... Read the full article

Universal secures highest level of open market cat capacity at reinsurance renewal

1st June 2021

Universal Insurance Holdings, Inc.'s wholly-owned insurance company subsidiaries have completed their 2021-2022 reinsurance programs, which includes the purchase of more open market catastrophe capacity than ever before. Effective June 1st, 2021, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their reinsurance ... Read the full article

UPC restructures reinsurance program at renewal

28th May 2021

Florida head-quartred insurer United Insurance Holdings (UPC Insurance) has renewed its core catastrophe reinsurance program for 2021/22. For this year, the insurer's core catastrophe program includes $2.85 billion of first event reinsurance limit on a fully cascading basis, except for the Florida Hurricane Catastrophe Fund layer. In addition to the Core CAT ... Read the full article

KBW reports satisfactory, albiet unspectacular 6/1 pricing expectations

24th May 2021

Reinsurance executives’ 6/1 reinsurance renewal pricing expectations remain satisfactory but unspectacular, according to a new KBW report. Florida renewals are expected to end up at 5-10%, with bigger increases on loss-impacted accounts. One executive anticipated 20-30% increases for Florida- focused property insurers whose expansion into other Gulf states proved less diversifying than ... Read the full article

June 1 rate increases likely to fall below expectation: JMP

24th May 2021

After a week of meetings in anticipation for the June 1 reinsurance renewals, JMP Securities analysts say they are anticipating an orderly renewal that will see less significant rate increases than reinsurers had hoped for, due to reduced demand and excess supply. Analysts describe the potential rate movements as modest, with ... Read the full article

Optimism for sustained reinsurance rate increases at mid-year renewals: KBW

21st May 2021

Bermuda and Florida re/insurance market executives are optimistic about sustained rate increases at the upcoming June 1st, 2021 renewals, although lower year-on-year rises are expected as a result of reduced COVID-19-related fears and abundant insurance-linked securities (ILS) capacity, according to analysts at Keefe, Bruyette & Woods (KBW). With the June and ... Read the full article

Execs see lower-than-expected Florida property cat rate rises: KBW

20th May 2021

The upcoming June 1st, 2021 reinsurance renewals appear to be orderly, although property catastrophe reinsurance rate increases in Florida are expected to come in below expectations, according to analysts at Keefe, Bruyette & Woods (KBW). After meeting with executives this week, analysts have determined that when compared with last year, Florida ... Read the full article

Conduit Re CEO Carvey sees opportunities in ground up quota share

18th May 2021

Bermuda-based reinsurer Conduit Re deliberately skewed its portfolio in favour of ground up quota share verses excess of loss, in an effort to leverage what group Chief Executive Trevor Carvey considers to be more favourable pricing opportunities. Speaking during a recent earnings call, Carvey noted how the recovery underway in the ... Read the full article

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

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