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.
Florida Citizens targets at least $5.5bn of reinsurance for 2023 on $675m budget
17th May 2023
Florida’s Citizens Property Insurance Corporation's Board met yesterday to debate the carrier's reinsurance risk transfer plans, approving a lower-than-expected budget of $675 million, which Chief Financial Officer (CFO), Jennifer Montero, hopes will be enough to secure at least $5.5 billion of risk transfer from both the traditional reinsurance and capital ... Read the full article
It will take time for reinsurers to get comfortable with Florida: United CEO Peed
16th May 2023
As United Insurance Holdings works to finalise its June 1st catastrophe reinsurance renewal, Chief Executive Officer (CEO) Dan Peed has said that the Florida residential cat market remains extremely hard, warning that it will take some time for reinsurance companies to get comfortable with the exposures and challenges. The property and ... Read the full article
June renewal will be challenging regardless of legislative reforms: Stonybrook
16th May 2023
Florida domestic carriers will have a challenging June reinsurance renewal, even with the implementation of the legislative reforms, suggest analysts at Stonybrook Capital. According to the analysts, natural catastrophes and the increased frequency of secondary perils placed pressure on property carriers across the nation in 2022, especially in the coastal regions. Stonybrook ... Read the full article
No-win situation for Florida insurers at renewal: ALIRT
10th May 2023
Analysts at insurance research firm ALIRT have warned that insurers in the Florida market face a “no-win situation” when they come to renew their reinsurance this year. The firm notes that rates at the upcoming June reinsurance renewals are estimated to potentially rise by up to 50% and could result in ... Read the full article
Heritage to continue limiting new business at renewal
10th May 2023
Heritage will continue to limit the amount of new business it writes as it works to finalise its 2023 catastrophe reinsurance program, Chief Executive Officer (CEO) Ernie Garateix has reported. Garateix provided some commentary on his company’s upcoming renewals as part of a recent Q1 earnings call, while also breaking down ... Read the full article
“Q1 a demonstration of the quality of our book of business,” says Palomar CEO
9th May 2023
"The first quarter was a demonstration of the quality of our book of business and our ability to navigate the choppy waters of this hard reinsurance market," says Palomar Holdings CEO Mac Armstrong. Armstrong states that Palomar successfully placed $188 million of incremental excess of loss reinsurance limit during Q1 to ... Read the full article
1.4 methodical & measured as pricing momentum continued: Swiss Re
9th May 2023
"While 1.1 was quite uncertain, 1.4 was much more methodical, market and economic conditions and dynamics didn’t change dramatically, so the process was much more measured," suggests Gianfranco Lot, Chief Underwriting Officer P&C Reinsurance at Swiss Re. According to Lot, expectations were better managed for 1.4, as the 1.1 renewal enabled ... Read the full article
Berkshire Hathaway’s property cat exposure up 50% following “attractive” April 1
9th May 2023
Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, has suggested that the firm's property cat exposure is almost 50% more than it was half a year ago, adding, "We have written as much as our capacity will allow us to write," amid "attractive" April 1 prices. Jain said, "The ... Read the full article
Validus Re premiums up 40%. Significant rate increases expected in June: AIG CEO Zaffino
5th May 2023
Validus Re, the Bermuda headquartered global reinsurance arm of American International Group (AIG), grew its gross premiums written by an impressive 40% in the first-quarter of 2023, CEO Peter Zaffino explained today. Speaking during the AIG earnings call today, AIG CEO Zaffino explained that the reinsurance business has been growing strongly, ... Read the full article
Top of Allstate’s catastrophe reinsurance tower reduces slightly as cost of program increases
4th May 2023
U.S. primary insurer Allstate has completed the placement of its 2023-2024 Nationwide Excess Catastrophe Reinsurance Program, revealing that the top of the tower has come down slightly from the Q4 2022 update, while the cost of the program has increased year-on-year. At $6.92 billion, the top-end of the tower has come ... Read the full article
Lancashire Holdings CEO expects aviation portfolio growth by year end
4th May 2023
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer's aviation portfolio to grow by the year end. “We're overall pretty confident that we'll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire's recent first-quarter earnings call. He explained that ... Read the full article
Limited retro capacity causes turbulent renewals in accident reinsurance market: Aon
3rd May 2023
The recent renewals in the Accident, Health, and Life (A&H) reinsurance market have been marked by turbulence due to limited retro capacity in some lines of business, according to Aon's Accident (Re)Insurance April 2023 report. The report highlights that some reinsurers were forced to pay over 100% more in retrocession costs, ... Read the full article
Catastrophe exposed property rates typically up 15-20%, says Miller
26th April 2023
Brokerage Miller Insurance Services has released a report stating that it is seeing property rate increases for clean, non-cat renewals of +10% for loss-affected lines. At the same time, and in contrast to the company’s Q1 update, catastrophe (CAT) exposed business will now typically start at between +15% to ... Read the full article
SCOR “significantly” improves risk/return profile of P&C portfolio at April renewals
20th April 2023
SCOR, one of Europe's big four reinsurance companies, capitalised on the favourable reinsurance market conditions at the April 1st, 2023, renewals, achieving property and casualty (P&C) gross written premium (GWP) growth of 17% to EUR 724 million, excluding agriculture. The reinsurer notes that it "significantly" improved the expected technical profitability and ... Read the full article
TWIA needs $1.043bn of fresh reinsurance for 2023 as Board rejects ILW option
19th April 2023
The Texas Windstorm Insurance Association (TWIA) needs to procure $1.043 billion of new traditional reinsurance limit at the mid-year renewals to take its 2023 tower to the 1-in-100 level of $4.508 billion, with the Board recently declining an industry-loss warranty (ILW) option for the top of its tower. Previously, TWIA's Board ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
