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.
E+S Rück predicts ‘significant’ improvements in P&C reinsurance risk-adjusted prices and conditions
24th October 2022
Hannover Re subsidiary E+S Rück has said it expects significant improvements in risk-adjusted prices and conditions in property and casualty reinsurance on the back of continued heavy claims expenditure and soaring inflation. Dr. Michael Pickel, chief executive officer of E+S Rück, said: "Both insurers and reinsurers alike find themselves facing a ... Read the full article
Tightening cat market could be a tailwind for Guy Carpenter: Dean Klisura
20th October 2022
The impact of Hurricane Ian on an already stressed property market is expected to be significant and contribute to a much more challenging 1/1 renewals, but further tightening in the catastrophe space could be a tailwind for reinsurance broker Guy Carpenter, according to executives. Earlier today, Marsh McLennan (MMC) reported ... Read the full article
Reinsurance rate rises to accelerate at January renewals: Jefferies
20th October 2022
A recent report from Jefferies suggests it is "inevitable" that reinsurance prices will not only rise at the upcoming January renewals, but will also accelerate their momentum year-on-year. Jefferies attributes this assessment to a high level of catastrophe losses and underlying margin weakness. In the report, the firm added, "Our confidence in ... Read the full article
Hurricane Ian erodes more of Travelers’ aggregate reinsurance retention
19th October 2022
U.S primary insurer Travelers has now accumulated $1.4 billion of qualifying losses for the retention of $2 billion on its property aggregate catastrophe excess of loss treaty, as the carrier booked losses of $326 million related to hurricane Ian in the third quarter. This morning, Travelers reported a strong set ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
Hannover Re “well positioned” to benefit from hard market: analysts
7th October 2022
Following Hannover Re’s recent investor day in London, analysts have reported that they remain confident the reinsurer is “well positioned” to benefit from an increasingly hard pricing environment next year. JP Morgan said it remains positive on Hannover Re due to its stable and high returns versus reinsurance peers, clear evidence ... Read the full article
Remediation is bearing fruit at Lloyd’s ahead of 1/1 filled with opportunity: LMA’s Davison
6th October 2022
Following a strong underwriting performance in the first-half of 2022, remediation efforts at the specialist Lloyd’s insurance and reinsurance marketplace are proving successful, which puts the sector in a good position ahead of the important January 1st, 2023, reinsurance renewals. While investment losses dented the market’s overall result for H1, Lloyd’s ... Read the full article
Brokers insist the reinsurance industry must embrace volatility and scale up: Peel Hunt
27th September 2022
Various leading brokers at the reinsurance Rendezvous insist that the industry must embrace volatility and ‘scale up’ to meet the opportunity that climate change, the widening protection gap, and the increasing demand for risk transfer of cyber and intellectual property exposures will require in the longer term, says Peel Hunt. The ... Read the full article
Inflation a key starting point at 1/1 amid elevated risk environment: Aon panel
23rd September 2022
With the important January 1st, 2023, reinsurance renewals fast approaching, executives from some of the world's largest reinsurers have highlighted inflation as a key starting point, and stressed the need to get paid for the elevated risk environment. Earlier today, Andy Marcell, Chief Executive Officer (CEO) of Aon Reinsurance Solutions, moderated ... Read the full article
Lloyd’s market not yet universally hard: Patrick Tiernan
23rd September 2022
Chief of Markets Patrick Tiernan has cautioned that the insurance and reinsurance marketplace at Lloyd’s of London is “not yet universally hard” and has emphasised the need for rate adequacy amid challenging conditions. Addressing an audience as part of the Lloyd's market Q3 update, Tiernan acknowledged that syndicates are currently operating ... Read the full article
NewRe open to giving up business ahead of “work-intense” renewal: CEO Braune
22nd September 2022
Swiss reinsurer and Munich Re subsidiary NewRe is “open to giving up business” at the January renewals depending on how pricing and structural negotiations play out over the next few months, according to CEO Thomas Braune. Speaking to Reinsurance News at the RVS 2022 event in Monte Carlo last week, Braune ... Read the full article
Lloyd’s can’t go around with its head in the sand as reinsurance market shifts: Patrick Tiernan
22nd September 2022
The reinsurance market has materially shifted and requires close attention ahead of the January 1st, 2023, renewals, leading Patrick Tiernan of Lloyd's to warn that the marketplace can't go around with its head in the sand. Tiernan, Chief of Markets at the specialist Lloyd's insurance and reinsurance marketplace, addressed an audience ... Read the full article
Reinsurance capacity crunch a catalyst for P&C rate rises at Jan 2023 renewals, says Peel Hunt
21st September 2022
According to a report from analysts at Peel Hunt, a potential capacity crunch in the reinsurance sector could be one of the key catalysts for further property catastrophe rate rises at the January 2023 renewals. The report suggests that despite the fact the solvency capital position across the reinsurance sector is ... Read the full article
Reinsurance on cusp of true hard market: JMP
16th September 2022
Analysts at JMP Securities have reported that the property reinsurance market maybe be “on the cusp” of a truly hard pricing environment, ahead of the January 1 renewals. Following its discussion at the Rendez-Vous de Septembre event in Monte Carlo this year, JMP concluded that the reinsurance sector is clearly in ... Read the full article
Nat cat is a real growth opportunity for Swiss Re: CUO Thierry Léger
16th September 2022
While many carriers look to lower the volatility of their book by cutting their property catastrophe exposure, reinsurance giant Swiss Re intends to grow further in the natural catastrophe space and sees this as a real growth opportunity, according to Group Chief Underwriting Officer (CUO), Thierry Léger. Reinsurance News spoke with ... Read the full article