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Reinsurance News

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.

New Zealand’s Earthquake Commission increases reinsurance cover to $6.2bn

4th June 2019

The Earthquake Commission (EQC) of New Zealand has increased its reinsurance coverage at the June 1 renewals, securing NZ $6.2 billion (US $4.1 billion) of protection for the next 12 months, according to reports from Stuff. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. Last year, the ... Read the full article

June 1 rates expected to be up 10% – 30% for loss-affected accounts: Analysts

3rd June 2019

Meetings with insurers and reinsurers in Bermuda points to an expectation of average mid-year reinsurance renewal price increases of 10% - 30% for loss-affected accounts, according to analysts at Morgan Stanley. After a prolonged period of falling rates, heavy catastrophe losses and a muted rate response, reinsurers were hopeful of a ... Read the full article

Palomar Holdings completes reinsurance renewal

3rd June 2019

Specialty property insurance company, Palomar Holdings, Inc. has announced the successful completion of its June 1st, 2019 reinsurance programs. Including the insurer's Torrey Pines Re catastrophe bond, Palomar Holdings' renewed $470 million of its core reinsurance program, and also purchased $200 million of incremental limit that sits at the top of ... Read the full article

Universal’s P&C units secure largest cat reinsurance programs to date

31st May 2019

Universal Insurance Holdings, Inc. has announced that its subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2019-20 reinsurance programs, effective June 1. The units secured more catastrophe coverage than at any other point in Universal’s history, with the top ... Read the full article

Analysts expect mid-teen reinsurance rate increases at mid-year renewals

31st May 2019

Analysts at KBW expect average June 1st catastrophe reinsurance rate increases in the mid-teens, but warns that Florida cat rates remain far below previous peaks. Anticipation of average rate increases in the mid-teens at the upcoming mid-year renewals follows analysts' meetings with Bermudian insurers, reinsurers and brokers. KBW notes that expectations ... Read the full article

JMP predicts 15-20% rate hikes at June 1, says Jebi creep could reach $16bn

28th May 2019

Analysts at JMP Securities anticipate that overall pricing increases at the upcoming June 1 reinsurance renewals will be in the range of 15-20%, with wide variation among programs. The firm’s estimates follow meetings with re/insurers and brokers in Bermuda, which also revealed that many are expecting loss creep from Typhoon Jebi ... Read the full article

Property cat business expected to drive underwriting profit at Third Point Re

17th May 2019

As hedge fund-backed reinsurer Third Point Re continues to build and evolve its underwriting platform, which now includes property catastrophe reinsurance business, it expects to achieve underwriting profitability within the next year or so, according to Dan Malloy, Third Point Re's Chief Executive Officer (CEO). The hedge fund-backed reinsurer adopts an ... Read the full article

FedNat well situated for “unusual” renewal: President & CEO Braun

15th May 2019

Numerous dynamics are at play across the reinsurance market ahead of June 1st, with delays in pricing and gamesmanship contributing to an unusual mid-year renewals season, according to the President and Chief Executive Officer (CEO) of FedNat Holding Company, Michael Braun. The global risk transfer industry continues to speculate about the ... Read the full article

Everest Re CEO Addesso encouraged by rational response to market issues

14th May 2019

The President and Chief Executive Officer (CEO) of Bermuda-based reinsurer Everest Re, Dominic Addesso, is encouraged by how the reinsurance industry is responding to recent loss activity and trends. On the back of consecutive years of increased re/insured catastrophe losses, intense competition and significant pressure on rates, first-quarter 2019 commentary from ... Read the full article

Florida market to undergo meaningful price correction at June 1: AIG’s Zaffino

10th May 2019

Global insurer AIG believes the Florida property reinsurance market will undergo a meaningful price correction at the upcoming mid-year renewals, while more broadly, it continues to see greater evidence of price discipline, according to Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. Speaking during ... Read the full article

Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo

8th May 2019

Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article

Hiscox uncertain if mid-year rate increases will be adequate

7th May 2019

Global insurer and reinsurer Hiscox saw its gross written premiums increase by 0.6% in the first-quarter of 2019, as a decline in the reinsurance & insurance-linked securities (ILS) segment offset growth in the retail and London market segments. At the same time, the re/insurer is unconvinced mid-year rate increases will ... Read the full article

Chubb renews global prop cat & terrorism reinsurance at April 1st

6th May 2019

Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article

Swiss Re optimistic about renewal rates at mid-year: CFO, John Dacey

3rd May 2019

John Dacey, the Group Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that in all cases, rate movements at the April 1st renewals were adequate for the firm and that it's optimistic about the important June / July renewals season. Swiss Re today reported its financial results ... Read the full article

Re/insurance market turning more positive, say analysts

2nd May 2019

Analysts at Canaccord Genuity believe signs of a steady re/insurance market turn might be starting to materialise, underpinned by a return to underwriting discipline and a shift from market dynamics more favourable to buyers of protection. Discussing a recent Willis Towers Watson (WTW) report, analysts note a more positive outlook for commercial ... Read the full article

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