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.
Hurricane Ian has tipped the balance; expect severe dislocation for 2023 renewals: Lancashire CUO
3rd November 2022
Even prior to the 2022 wind season, specialty re/insurer Lancashire Holdings expected catastrophe-exposed lines to harden considerably for next year, and according to Group Chief Underwriting Officer (CUO), Paul Gregory, Hurricane Ian has "tipped the balance". Speaking recently during an earnings call to discuss Lancashire's 9M 2022 results, Gregory and ... Read the full article
Step change in the pricing & structuring of reinsurance is required, says RenRe’s O’Donnell
2nd November 2022
It's important that property catastrophe is the most profitable line within the global property and casualty (P&C) market, but in order for this to happen, "there must be a step change in the pricing and structuring of reinsurance coverage", according to Kevin O'Donnell, President and Chief Executive Officer (CEO) of ... Read the full article
AIG confident in ability to obtain necessary reinsurance for 2023: CEO Zaffino
2nd November 2022
Despite the fact Hurricane Ian will impact an already hardening reinsurance market, Peter Zaffino, Chief Executive Officer (CEO) of global insurer AIG, said today that his firm has commitments from all of its major reinsurers that they'll be able to deploy the same amount of capital to the extent AIG ... Read the full article
Risk Strategies warns of capacity shortage at 1/1
2nd November 2022
A new State of the Market Report by specialty insurance brokerage and risk management firm, Risk Strategies, has warned clients to settle their re/insurance negotiations as early as possible, ahead of an anticipated shortage of capacity at the upcoming January renewals. CEO John Mina noted that businesses face an uncertain economic ... Read the full article
Hiscox Re & ILS falls to loss on Ian, but group sees ‘exciting opportunity’ in reinsurance
2nd November 2022
Specialist insurer Hiscox has announced gross premiums written (GPW) growth of 6.3% to $3.68 billion for the first nine months of 2022 supported by impressive growth within its Hiscox Re & ILS division. Although, this part of the business suffered net losses of $90 million in the period as a ... Read the full article
“Many carriers are pulling out of property cat, but we are not afraid”: Ariel Re’s Maccioni
1st November 2022
With a growing number of reinsurers cutting capacity for property catastrophe re/insurance and causing a hard market, Reinsurance News had the chance to speak to Ariel Re’s London-based Property Underwriters Tom Orton and Giovanni Maccioni ahead of the January renewals about the company’s current appetite and future plans for property ... Read the full article
There’s a lot going on in reinsurance, but ‘this is our wheelhouse’: Aon’s Andersen & Case
28th October 2022
It's clear that the property catastrophe market is going to be challenging in 2023, but while the market shifts there are levers out there re/insurance broker Aon is able to utilise to help clients de-risk. After all, "this is our wheelhouse," explained Greg Case, Chief Executive Officer (CEO). After reporting ... Read the full article
It’s clear reinsurers require better expected returns, says Swiss Re’s John Dacey
28th October 2022
John Dacey, Chief Financial Officer (CFO) of Swiss Re, has said it's clear that reinsurers require better expected returns on the business they write, suggesting it's going to be a challenging January 1st, 2023, reinsurance renewals amid a classic supply-demand imbalance. Early this morning, Swiss Re released its 9M 2022 ... Read the full article
Further rate hardening expected throughout 2023: Berenberg
27th October 2022
Analysts at investment bank Berenberg have said they expect the London market to see further rate hardening throughout 2023 due to the coalescence of different factors, including inflation - the single biggest concern for the industry according to analysts. Berenberg noted industry experts estimate that there could be $15bn-$25bn more demand ... Read the full article
Brown & Brown CEO warns of renewal “disruption” after Ian
26th October 2022
Powell Brown, President & CEO of US broker firm Brown & Brown, has warned of late-running renewals and challenging changes to reinsurance prices and terms following Hurricane Ian. Speaking during a Q3 earnings call, Brown said that reinsurance renewals would likely run “deep into December” with formidable pricing increases expected for ... Read the full article
Assurant reveals Hurricane Ian loss has eroded two layers of its cat reinsurance tower
26th October 2022
US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million per-event retention and $35 million of reinstatement premiums to restore up to the third layer of its U.S. catastrophe reinsurance ... Read the full article
Helios well placed ahead of ‘really hard’ market: Hanbury and Manners
25th October 2022
Despite a couple of headwinds, Helios increased its capacity portfolio to £233 million for the 2022 underwriting year, and management is confident about the prospects and future profitability of the firm ahead of further market hardening. In late September, Helios Underwriting, the Lloyd’s focused investment vehicle, reported a significant rise in ... Read the full article
We’re not shy to lean into property cat reinsurance: W. R. Berkley CEO
25th October 2022
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company's President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of ... Read the full article
Guy Carpenter working to bring new capacity to property cat market for 2023: Klisura
24th October 2022
The President and Chief Executive Officer (CEO) of reinsurance broker Guy Carpenter, Dean Klisura, said last week that the firm has been working for some time to bring additional capital and interest into the catastrophe market for next year. As we wrote previously, Guy Carpenter is really starting to see the ... Read the full article
Reinsurance demand continues to rise ahead of Jan renewals, say industry leaders
24th October 2022
Executives and leaders from across the insurance and reinsurance sectors are seeing strong demand for protection and have called on the industry to work to leverage its strengths in such a demanding marketplace. At the 2022 meeting of the reinsurance industry in Baden-Baden, senior industry leaders discussed how the insurance and ... Read the full article