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.

Peak Re reports $2,145mn GWP for 2021

4th July 2022

Peak Reinsurance Company Limited – the Hong Kong-based global reinsurer, has reported a 9% increase in gross written premiums (GWP) in 2021, as it rises to $2,145 million, compared to $1,966 million from 2020. Net profit for the year was $73.2 million, compared to $87.1 million in FY2020. At the same time, ... Read the full article

Gallagher Re finds pricing in Florida market up by 50% in spots

1st July 2022

Gallagher Re’s latest mid-year renewals report has found that pricing in some cases in the Florida market has increased by up to 50%. The report found that reinsurers had continued in their efforts to de-risk portfolios and manage net PMLs. It also found that some had existed the Florida market completely. ... Read the full article

Collateralised reinsurers dominate Florida Citizens renewal, again

1st July 2022

Providers of collateralised reinsurance, notably insurance-linked securities (ILS) market players, have once again taken the largest slice of Florida Citizens Property Insurance Corporation’s reinsurance program. For 2022, Florida Citizens was looking to secure anywhere up to $3.64 billion of risk transfer and reinsurance from across the traditional reinsurance and catastrophe bond ... Read the full article

Economic pressures drive widespread rate increases at 1/7: Gallagher Re’s Vickers

1st July 2022

The pressures of inflation and rising interest rates caused reinsurers to remain cautious at the July renewals, which resulted in much less available capacity for buyers and higher prices across the board. This is according to James Vickers, Chairman International, Reinsurance, at Gallagher Re, who spoke to Reinsurance News about July ... Read the full article

Sellers market persists as attachment levels & costs rise at July renewals: Gallagher Re

1st July 2022

Almost all buyers of protection were able to secure their reinsurance coverage at a July 1st, 2022, renewals shaped by economic factors which helped to sustain market hardening, according to Gallagher Re's 1st View report. After a late and tough June 1st reinsurance renewals, all eyes turned to the later mid-year ... Read the full article

Mid-year renewals a ‘near-perfect storm’ for buyers, ‘true hard’ property market to come: Aon

30th June 2022

Alongside a stable casualty reinsurance market, buyers experienced the most challenging specialty renewals in a generation and also capacity constraints in the property space, as reinsurer appetite for catastrophe risk fell materially at the mid-year renewals, reports insurance and reinsurance broker Aon. For buyers of protection, Aon describes a "near-perfect storm" ... Read the full article

United (UPC) shrinks cat reinsurance limit at renewal

20th June 2022

Property and casualty insurance holding company United (UPC Insurance) has disclosed details of its catastrophe reinsurance program for 2022/23, which includes a significant decrease in the occurrence-based limit for its aggregate cover. UPC purchased $2.524 billion of occurrence-based limit in the aggregate for its core cat program, representing a decrease of ... Read the full article

Allstate lifts Florida reinsurance coverage by ~$600m at renewals

17th June 2022

After adding some $850 million of coverage to its Nationwide Excess Catastrophe Reinsurance program in the first-quarter of 2022, US primary insurer Allstate has secured almost $600 million of additional protection for its Florida Excess Catastrophe Reinsurance program for 2022-2023. In early May, Allstate provided an update on its reinsurance ... Read the full article

HCI grows TypTap reinsurance program at renewal

17th June 2022

Florida-based insurtech HCI Group has laid out details of the reinsurance programs it secured for its insurance subsidiaries at the June renewals this year, which include significantly expanded coverage for TypTap Insurance Company (TypTap). The 2022-2023 TypTap reinsurance program provides coverage up to $637.3 million for catastrophic losses in a single ... Read the full article

Florida Citizens set to go through hurricane season under-reinsured

10th June 2022

Florida’s Citizens Property Insurance Corporation is looking set to go through the 2022 hurricane season with less reinsurance protection in place than it would have liked, as sources report that only 36% of its risk transfer program is filled currently. The state property insurer of last resort has only managed to ... Read the full article

New Zealand’s Earthquake Commission secures $7.2bn of reinsurance

10th June 2022

New Zealand’s Earthquake Commission (EQC) has secured a record level of reinsurance of $7.2bn on the international market, an increase of nearly $470m. Building on the successful renewal of the previous year, it means that EQC has grown its programme by $1.2bn over the past two years to support New Zealand ... Read the full article

HCI renews reinsurance agreement with United

8th June 2022

Florida-based insurtech HCI Group has announced the renewal of its quota share reinsurance agreement with United Property & Casualty Insurance Company. The new agreement, effective June 1st, 2022, extends the previous agreement between the two companies that expired as of May 31st. As part of the transition of policies from United, HCI ... Read the full article

Heritage ups reinsurance spend at renewal

7th June 2022

Heritage Insurance Holdings, Inc., a super-regional property and casualty insurance holding company, has announced details of its 2022-2023 catastrophe reinsurance program. The total cost of program is $359.5 million, accounting for 31% of March 31, 2022, premiums-in-force, which is three points higher than the prior year cost. The coverage applies to Heritages ... Read the full article

Kin enhances 2022 reinsurance program

6th June 2022

Kin Insurance has announced that Kin Interinsurance network, its reciprocal insurance carrier, has finalised its reinsurance program for the period of June 1, 2022 through May 31, 2023. The upgraded reinsurance program - which will apply to all states and policies within the Kin Interinsurance Network - offers 160 year first-event ... Read the full article

People’s Trust Insurance Company completes reinsurance renewal

6th June 2022

People’s Trust Insurance Company, a Florida property and casualty insurance company, has fully placed its 2022-2023 catastrophe excess-of-loss reinsurance program. The company assured that its program for the coming year will meet all requirements from the state and rating agencies. “We are very pleased to announce the completion of our placement prior ... Read the full article