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.
Suncorp reveals reinsurance recoveries of $135m, lifts natural hazard allowance for FY25
19th August 2024
Australian insurer Suncorp recorded AUD 135 million of reinsurance recoveries for the financial year ended June 30th, 2024, as the total cost of natural hazard events in the period came in below the Group's allowance. Announcing its financial year results today, Suncorp Chief Executive Officer (CEO) Steve Johnston revealed that ... Read the full article
Positive renewals outcomes ahead as market conditions favour airline insurance buyers: Gallagher Specialty
16th August 2024
Despite ongoing challenges, excess capacity and increased competition are driving rate softening for airline insurance as the market reaches the midpoint of the year, according to Gallagher Specialty. Lower average claims alongside the higher rates seen in recent years have attracted capacity back into the market, generating increased competition and pursuit ... Read the full article
Retentions still holding, current P&C market sentiment to persist: Althoff, Hannover Re
12th August 2024
Sven Althoff, Member of the Executive Board for P&C at Hannover Re, said today that the global reinsurer is not expecting a change in P&C market sentiment despite another active period for catastrophe losses, notably from secondary perils. This morning, reinsurer Hannover Re announced a very strong set of results ... Read the full article
Munich Re CEO anticipates strong 1/1 2025 reinsurance renewals
8th August 2024
Global reinsurer Munich Re is confident that favourable market conditions will persist at the January 1st, 2025, renewals, as the firm sees continued strong demand from buyers and discipline from sellers, according to CEO, Joachim Wenning. “Looking at the factors that drive reinsurance rates, I cannot detect anything material that would ... Read the full article
Pricing ‘significantly better’ than expectations at mid-year reinsurance renewal: The Hanover CFO
5th August 2024
Executive Vice President and Chief Financial Officer (CFO) of The Hanover Insurance Group, Jeffrey Farber, has revealed that pricing was "significantly better" than expected at the firm's July reinsurance renewal. During The Hanover's Q2 2024 earnings call, Farber highlighted that the strong pricing was primarily driven by the company’s work in ... Read the full article
Allstate adds Nationwide cover but reduces Florida reinsurance tower at mid-year renewal
5th August 2024
US primary insurer Allstate opted to shrink the size of its 2024-2025 Florida excess catastrophe reinsurance program at the mid-year reinsurance renewals, and also added $90 million of limit to the top of its Nationwide coverage. This is now the second year running Allstate has elected to reduce its Florida specific ... Read the full article
Everest CEO hails ‘excellent’ mid-year renewal outcome as T&Cs and attachment points hold
1st August 2024
Bermuda domiciled Everest Group's reinsurance business delivered a strong underwriting result in the second quarter of 2024, and amid still favourable property market conditions, characterised by persistently attractive rates and unwavering terms and conditions (T&Cs) and attachment points, the firm had an excellent outcome at the mid-year renewals. This is according ... Read the full article
Arch opted against property cat growth at mid-year renewal amid heightened storm risk: CEO Grandisson
1st August 2024
Bermuda-based insurer and reinsurer Arch Capital Group decided against further growing its property catastrophe book at the mid-year renewal given the heightened storm risk, as the firm looks for the right balance across its portfolio, according to Chief Executive Officer (CEO), Marc Grandisson. This week, Arch Capital reported a 26% ... Read the full article
P&C reinsurance market will remain broadly where it is today: SCOR’s Conoscente
30th July 2024
For the foreseeable future, SCOR's Global P&C CEO, Jean-Paul Conoscente, expects the property and casualty (P&C) reinsurance market to remain broadly where it is today after the renewals of 2024, absent any major events. SCOR reported its second-quarter results today, including updates on the June and July 2024 reinsurance renewals. ... Read the full article
Chubb raises retention and top of US property cat reinsurance tower
29th July 2024
Large primary insurer Chubb successfully renewed its Global Property Catastrophe Reinsurance Program for its North American and International operations, significantly raising the retention for the North American program while adding a new layer of per occurrence coverage for named windstorms and earthquakes within Northeast states. Chubb’s renewed global property cat reinsurance ... Read the full article
Property reinsurance rate rises moderating, casualty seeing large increases: Gallagher
26th July 2024
While property reinsurance renewals experienced modest price declines at the mid-year renewals, casualty classes saw the greatest renewal premium increases, which could keep advancing, broker Gallagher has observed. Talking about the reinsurance market and mid-year renewals following the release of its second quarter of 2024 financial results, J. Patrick Gallagher Jr, ... Read the full article
It’s an exciting time to be a reinsurer, says RenRe CEO O’Donnell
25th July 2024
Bermuda-based reinsurer RenaissanceRe (RenRe) is "delighted" with the state of the market, and with demand for coverage on the rise in an increasingly stable market, it's a good time to be a reinsurance company, according to the firm's Chief Executive Officer (CEO), Kevin O'Donnell. As we covered this morning, RenRe ... Read the full article
Berkshire Hathaway absent, Bermuda & collateralised reinsurers dominate Florida Citizens renewal
23rd July 2024
After taking a $1 billion slice in 2023, it's notable that Berkshire Hathaway did not participate in Florida Citizens Property Insurance Corporation's 2024 catastrophe reinsurance renewal, which was dominated by Bermuda-based and collateralised reinsurers. As we reported previously, Florida’s property insurer of last resort secured a cost-effective risk transfer program ... Read the full article
Travelers buys more Northeast cover at July reinsurance renewal
19th July 2024
US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a higher retention. Alongside the release of its second-quarter 2024 financial results, Travelers has provided ... Read the full article
Florida Citizens purchases just $3.564bn of reinsurance for 2024 risk transfer program
10th July 2024
Citizens Property Insurance Corporation, Florida’s property insurer of last resort, has confirmed that it bought a lot less reinsurance than the $5.5 billion target announced back in April, securing a "cost-efficient" risk transfer program of approximately $3.564 billion. Previously, the Board of Governors approved Citizens targeting total reinsurance coverage of ... Read the full article
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