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.
United (UPC) shrinks cat reinsurance limit at renewal
20th June 2022
Property and casualty insurance holding company United (UPC Insurance) has disclosed details of its catastrophe reinsurance program for 2022/23, which includes a significant decrease in the occurrence-based limit for its aggregate cover. UPC purchased $2.524 billion of occurrence-based limit in the aggregate for its core cat program, representing a decrease of ... Read the full article
Allstate lifts Florida reinsurance coverage by ~$600m at renewals
17th June 2022
After adding some $850 million of coverage to its Nationwide Excess Catastrophe Reinsurance program in the first-quarter of 2022, US primary insurer Allstate has secured almost $600 million of additional protection for its Florida Excess Catastrophe Reinsurance program for 2022-2023. In early May, Allstate provided an update on its reinsurance ... Read the full article
HCI grows TypTap reinsurance program at renewal
17th June 2022
Florida-based insurtech HCI Group has laid out details of the reinsurance programs it secured for its insurance subsidiaries at the June renewals this year, which include significantly expanded coverage for TypTap Insurance Company (TypTap). The 2022-2023 TypTap reinsurance program provides coverage up to $637.3 million for catastrophic losses in a single ... Read the full article
Florida Citizens set to go through hurricane season under-reinsured
10th June 2022
Florida’s Citizens Property Insurance Corporation is looking set to go through the 2022 hurricane season with less reinsurance protection in place than it would have liked, as sources report that only 36% of its risk transfer program is filled currently. The state property insurer of last resort has only managed to ... Read the full article
New Zealand’s Earthquake Commission secures $7.2bn of reinsurance
10th June 2022
New Zealand’s Earthquake Commission (EQC) has secured a record level of reinsurance of $7.2bn on the international market, an increase of nearly $470m. Building on the successful renewal of the previous year, it means that EQC has grown its programme by $1.2bn over the past two years to support New Zealand ... Read the full article
HCI renews reinsurance agreement with United
8th June 2022
Florida-based insurtech HCI Group has announced the renewal of its quota share reinsurance agreement with United Property & Casualty Insurance Company. The new agreement, effective June 1st, 2022, extends the previous agreement between the two companies that expired as of May 31st. As part of the transition of policies from United, HCI ... Read the full article
Heritage ups reinsurance spend at renewal
7th June 2022
Heritage Insurance Holdings, Inc., a super-regional property and casualty insurance holding company, has announced details of its 2022-2023 catastrophe reinsurance program. The total cost of program is $359.5 million, accounting for 31% of March 31, 2022, premiums-in-force, which is three points higher than the prior year cost. The coverage applies to Heritages ... Read the full article
Kin enhances 2022 reinsurance program
6th June 2022
Kin Insurance has announced that Kin Interinsurance network, its reciprocal insurance carrier, has finalised its reinsurance program for the period of June 1, 2022 through May 31, 2023. The upgraded reinsurance program - which will apply to all states and policies within the Kin Interinsurance Network - offers 160 year first-event ... Read the full article
People’s Trust Insurance Company completes reinsurance renewal
6th June 2022
People’s Trust Insurance Company, a Florida property and casualty insurance company, has fully placed its 2022-2023 catastrophe excess-of-loss reinsurance program. The company assured that its program for the coming year will meet all requirements from the state and rating agencies. “We are very pleased to announce the completion of our placement prior ... Read the full article
TWIA increases traditional reinsurance coverage to $936m at renewal
6th June 2022
The Texas Windstorm Insurance Association (TWIA) has released the details of its full catastrophe reinsurance program for the 2022 hurricane season, which consists of a $2.036 billion program tower, including $936 million of traditional reinsurance and $1.1 billion of coverage from catastrophe bonds. While the level of protection from its catastrophe ... Read the full article
Universal renews reinsurance at higher cost with more capacity
1st June 2022
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has announced that it has successfully renewed its reinsurance coverage at a “modestly” higher cost. Changes to the program include more open market catastrophe capacity across all treaties and multiple events, as well as a reduction to the top end of ... Read the full article
Palomar successfully completes June reinsurance renewal
1st June 2022
Palomar has successfully completed its 1 June reinsurance renewal. The firm said that it had procured approximately $430m of incremental limit for earthquakes and $200m of incremental windstorm limit. Its reinsurance coverage now exhausts at $2.08bn for earthquake events and $900m for hurricane events. Palomar also said that it had maintained ... Read the full article
‘Well over $10bn of unplaced limit’ at June 1, further downgrades expected: Stonybrook
31st May 2022
Stonybrook Capital has reported that the current shortfall of limit placed by domestic Florida carriers for the renewal of June 1st, 2022, reinsurance programs is well over $10 billion, leading the firm to expect further downgrades in the opening weeks of next month. With a plethora of issues facing the Florida ... Read the full article
42% expect to buy the same amount of reinsurance at mid-year renewals: Survey
30th May 2022
We recently published the results of our latest global reinsurance market survey, in which we polled market participants on the state of the market as the mid-year renewal season fast-approaches. The survey, undertaken in collaboration with insurance-linked securities (ILS) focused sister-site, Artemis, includes responses from hundreds ... Read the full article
77% expect some carriers will fail to obtain sufficient reinsurance at June 1: Survey
26th May 2022
Data from our mid-year 2022 reinsurance renewals survey reveals that carriers are expected to adopt various strategies as they struggle to secure the desired level of reinsurance at what's been described as a very late June 1st, 2022, renewals. With the June reinsurance renewals having a heavy ... Read the full article