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.
Key reinsurance renewals occur at: the 1st of January, which is the biggest renewal of the reinsurance year and has a broader global focus; April 1st when Japanese reinsurance renews; June 1st for Florida reinsurance renewals; and July 1st when more US reinsurance business gets renewed.
Our reinsurance renewals news covers all of these key points in the year and we also provide analysis and insight into what to expect at upcoming renewal seasons as well.
Retrospective market stabilises in H2’24, strong activity seen in North America: Gallagher Re
14th January 2025
The retrospective market displayed signs of stabilisation in the second half of 2024, after the previous 18 months featured a contraction of counterparties offering cover, as well as increase in execution risk, amid material prior year adverse development across certain lines and jurisdictions, according to reinsurance broker Gallagher Re. As per ... Read the full article
Reinsurance getting more competitive as capital levels rise, says Evercore
10th January 2025
According to Evercore's reinsurance renewals report, growth in dedicated reinsurance capital is expected to outstrip growth in demand, resulting in pressure being put on property catastrophe pricing that will likely accelerate throughout 2025. The firm noted that capital levels continue to increase and have reached new heights in 2024. Readers may ... Read the full article
Capital supply was sufficient to meet demand for most placements at 1.1 casualty renewals: Howden
10th January 2025
Differentiation was a key focal point leading up to the 1.1.2025 casualty reinsurance renewals, however, whilst there was a considerable focus on litigation risk and loss cost trends in the US, outcomes were reportedly determined by loss experience, underlying rate change and reserve development on individual portfolios, according to broker ... Read the full article
Reinsurers remain keen to grow property books despite easing of conditions at 1.1: Aon
8th January 2025
Even with the further easing of conditions at 1.1, the property catastrophe reinsurance market is priced to produce target expected returns for reinsurers, according to Aon's Reinsurance Market Dynamics January 2025 Renewal report. With strong capital levels and increased confidence in current pricing and terms, reinsurers are also reportedly eager to ... Read the full article
American Coastal renews cat XoL agreement, adds $40m of aggregate reinsurance limit
8th January 2025
Florida-based American Coastal Insurance Corporation (ACIC) has renewed its catastrophe excess of loss agreement (AOP CAT agreement), which provides up to $90 million in per-occurrence coverage above a $10 million attachment point, and has also secured $40 million in aggregate catastrophe limit at the January renewals. The AOP CAT agreement, facilitated ... Read the full article
Reinsurance market to remain largely attractive for buyers and sellers in 2025: Aon
7th January 2025
Global broking group Aon expects the reinsurance market to remain largely attractive for both buyers and sellers of protection in the months ahead, but has called on reinsurers to demonstrate their value as they target top line growth. In its latest Reinsurance Market Dynamics report, which explores the January 1st, 2025, ... Read the full article
IAG shrinks reinsurance program slightly for 2025
7th January 2025
Australian insurer IAG has successfully placed its catastrophe reinsurance program for 2025, purchasing slightly less protection than in 2024. The program includes a main catastrophe cover for two events up to $10 billion and an unchanged attachment at $500 million. Notably, aggregate, drop-down, and subsequent event covers are gone compared ... Read the full article
Rate adequacy in property still ‘very attractive’ despite declines at 1.1 renewals: Peel Hunt
6th January 2025
Analysts at Peel Hunt estimate that loss-free risk-adjusted rates across a diversified reinsurance portfolio fell by around 6% at the January 1st, 2025, renewals, but stress that rate adequacy remains "very attractive" in property classes, with exposure growth and lower hedging costs expected to partially offset rate decreases. Following the release ... Read the full article
Efficient reinsurance structures key for 1.1 cyber renewals: Gallagher Re
6th January 2025
As per Gallagher Re's 1st View report, the cyber renewals at 1.1 2025 focused on securing the most efficient reinsurance structures amid "extremely healthy" levels of capacity from reinsurers and an improved understanding of tail risk from buyers. The cyber section of the reinsurance broker's report highlighted heightened competition for both ... Read the full article
Rates-on-line for retro cat XoL fall 10-20% at 1.1 2025, says Howden
6th January 2025
According to Howden's 1.1 2025 renewals report, risk-adjusted retrocession catastrophe XoL rates-on-line fell by between 10% and 20% at the January reinsurance renewals, as a result of trapped capital stemming from Hurricane Milton being negligible and supply dynamics increasingly favouring buyers as additional capacity entered the market. The broker explained that ... Read the full article
Guy Carpenter global property cat ROL index down 6.6% at Jan 1 reinsurance renewals
6th January 2025
Reinsurance broker Guy Carpenter's latest Global Property Catastrophe Rate on Line (ROL) Index has fallen 6.6% at the January 1st, 2025, reinsurance renewals, which reflects the reported rate decreases seen across global property cat treaties. Guy Carpenter updates its Global and Regional Property Cat ROL Indices at key renewal dates, and ... Read the full article
CEE cat loss-free property reinsurance treaties renew -2.5% to +5% at 1.1: Gallagher Re
3rd January 2025
According to reinsurance broker Gallagher Re, Central and Eastern Europe (CEE) catastrophe loss-free property reinsurance treaties were renewed -2.5% to up 5%, while catastrophe loss-hit reinsurance rates increased 10% to 20% at the January 1, 2025 renewals. Focusing on property cat excess of loss, the CEE region was heavily loss impacted ... Read the full article
Cyber reinsurance market increasingly mature and efficient: Howden
3rd January 2025
The 1 January 2025 cyber reinsurance renewals progressed smoothly, with some notable price moderation, the entry of new reinsurers, and a growing focus on non-proportional products, reflecting an increasingly mature and efficient market, according to Howden's 1.1 renewal report. Reinsurance buyers benefited from favourable supply and demand conditions in 2024, driven ... Read the full article
Reinsurers see opportunities amid market moderation: Gallagher Re CEO
3rd January 2025
Reinsurers view the current market as an attractive space, even after some moderation in terms and conditions. However, they face ongoing pressure to deliver strong results amid a renewal season marked by variability and diverse outcomes, according to Tom Wakefield, Chief Executive Officer (CEO) of Gallagher Re, the reinsurance arm ... Read the full article
Property cat reinsurance rates-on-line down 8% at 1.1 2025: Howden
2nd January 2025
According to global insurance and reinsurance broking group Howden, risk-adjusted global property-catastrophe reinsurance rates-on-line decreased by 8% on average at the January 1st, 2025, reinsurance renewals, in comparison to +3% that was recorded last year. In their January 1st 2025 reinsurance renewals report, Howden noted that demand at this years renewals ... Read the full article
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