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.
Reinsurers respond to increased demand at mid-year renewals: Guy Carpenter
1st July 2024
The mid-year reinsurance renewals reflected a transitioning marketplace which responded to increased demand for protection, as numerous headwinds continued to shift risk appetites, according to Guy Carpenter, the reinsurance broking arm of Marsh McLennan. Guy Carpenter highlights a dynamic trading environment at the mid-year 2024 renewals, during which loss-free property programs ... Read the full article
Reinsurers’ ‘risk on’ approach benefits property cat buyers in 2024: Gallagher Re
1st July 2024
As per a new report from Gallagher Re, buyers of property catastrophe reinsurance have been able to negotiate better terms and conditions on their contracts in 2024 due to the "risk on" approach taken by reinsurers. The reinsurance broker explained that this has resulted in improved pricing, with risk-adjusted catastrophe placements ... Read the full article
Enact secures additional $90mn XoL reinsurance cover
28th June 2024
Mortgage insurer Enact Holdings, Inc. secured the $90 million of additional excess of loss (XoL) reinsurance protection as part of its credit risk transfer (CRT) programme. This CRT transaction covers a portion of existing mortgage insurance policies written from July 1st, 2023 through December 31st, 2023 and is effective June 1st, ... Read the full article
Competitive reinsurance marketplace observed at mid-year renewals, landscape remains dynamic, Aon
27th June 2024
Global re/insurance broker Aon has reported that insurers generally achieved positive mid-year renewal outcomes, which included rate reductions for property catastrophe risk and improvements in terms and coverage. However, the broker notes, that while a "more competitive reinsurance marketplace was observed", the landscape remains "somewhat dynamic" due to volatility in secondary peril ... Read the full article
Kin increases size of reinsurance program at favorable economic terms
11th June 2024
The Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocal exchanges managed by Kin Insurance, Inc., have completed their natural catastrophe reinsurance programs for the 2024 storm season, securing more coverage than last year. For 2024-2025, the Florida reinsurance program provides $1 billion in coverage for natural catastrophes, representing protection ... Read the full article
CEA renews $3.73bn of reinsurance so far in 2024
5th June 2024
The California Earthquake Authority (CEA) has renewed $3.73 billion of reinsurance in 2024 so far, having secured almost $1.2 billion in new protection at the April 1st renewals. At the end of 2023, the earthquake insurer had $9.1 billion of protection in-force from its reinsurance and cat bonds. Following the January 1st ... Read the full article
Toka Tū Ake EQC renews record reinsurance program of $9.2bn
5th June 2024
EQC Toka Tū Ake, or New Zealand’s Earthquake Commission (EQC) in a record move has secured a whopping reinsurance tower of $9.2 billion from 1st June 2024 to protect homeowners from the impact of natural hazards, helping to ensure home insurance remains affordable in the country. The renewal includes $225 million ... Read the full article
Orderly June Florida reinsurance renewal leads to price declines: JMP
3rd June 2024
JMP Securities, an investment bank and brokerage firm, reports that the June 1 Florida reinsurance renewal proceeded smoothly, with increased supply largely matching the higher demand, leading to an overall expectation of single-digit price declines. In contrast to the Florida-focused June 1 renewal last year, this year's process unfolded earlier and ... Read the full article
Universal secures combined $2.4bn reinsurance tower for 2024-2025
31st May 2024
Universal Insurance Holdings, Inc. has announced the completion of its combined 2024-2025 reinsurance program, effective June 1, 2024, for its subsidiaries Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company, which provides $2.4 billion of coverage. The duo have set the top of their combined ... Read the full article
HCI expands reinsurance coverage across subsidiaries at June renewal
31st May 2024
Florida-based insurtech HCI Group has increased its reinsurance coverage across both its reinsurance towers, securing over $2.7 billion in aggregate limit at the June 1 renewal. Similar to the previous year, HCI established two reinsurance towers for its insurance subsidiaries, Homeowners Choice and TypTap. Reinsurance Tower 1 covers all Homeowners Choice ... Read the full article
Knowing where you are in the cycle is key to long-term success: Conduit Re CEO
30th May 2024
After a positive outcome at the January 1 reinsurance renewals and a very solid performance in the first quarter of 2024, we spoke with Conduit Re CEO, Trevor Carvey, about the evolution of the Bermuda-based reinsurer, market dynamics, and the importance of managing the cycle. Conduit Re took advantage of ... Read the full article
Florida market improving though reinsurance dependancy remains: AM Best
30th May 2024
Despite Florida-focused personal property insurers experiencing material volatility in their operating results and surplus levels in recent years, alongside a reinsurance dependency that "skews" higher than the broader overall property segment, AM Best has noted that their results improved in 2023. It's no secret that Florida insurers have been suffering from ... Read the full article
Risk-adjusted property-cat ROL 5% lower on average, indicating shifting market dynamics: Howden Re
30th May 2024
Moderated risk-adjusted property-catastrophe reinsurance pricing reflects shifting market dynamics at the June 1st reinsurance renewals, broker Howden Re has stated. According to Howden Re, risk-adjusted property-catastrophe reinsurance rates-on-line (ROL) were on average 5% lower at the June 1 2024 renewals, within a typical range of -7.5% to -2.5%. According to analysts, the ... Read the full article
Strong demand for reinsurance at midyear renewals as pricing moderates: Fitch
30th May 2024
Fitch Ratings has observed that reinsurance demand was strong at the midyear 2024 renewals, particularly for higher catastrophe layers, as Florida property writers are seeking more protection with insured values increasing from inflation and exposure growth. According to the rating agency's most recent report on the matter, increased demand at the ... Read the full article
Attractive pricing levels, positive sentiment for property cat reinsurance into 2025: Jefferies
29th May 2024
There is a positive sentiment for property-catastrophe reinsurance heading into 2025, with pricing at very attractive levels, a factor that should continue to benefit UK specialty re/insurers, analysts at Jefferies concluded following recent meetings with global insurers, reinsurers and ILS managers in Bermuda. “Property-catastrophe market remains attractive. Our overarching takeaway from ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
