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.
Palomar extends top of reinsurance tower to $3.06bn at renewal
29th May 2024
Specialty property insurer Palomar Holdings has announced the completion of its 2024 reinsurance renewal, raising the top of its tower to $3.06 billion for earthquake events, $735 million for Hawaii hurricane events, and $117.5 million for all continental United States hurricane events. Last year, Palomar renewed its reinsurance towers to ... Read the full article
Florida property cat reinsurance rates expected to be flat to down at June 1: KBW
23rd May 2024
As per analysts from KBW, most of the re/insurance executives that the firm met in this week’s Bermuda Tour expect the Florida-heavy June 1 property catastrophe reinsurance renewals to reflect overall y/y risk-adjusted rate changes in the “flat to down 5%” range. KBW's analysts noted that several executives reported modest improvement ... Read the full article
ZEP-RE expands Planet collaboration for drought insurance in Horn of Africa
20th May 2024
Today, a prominent provider of daily Earth data and insights, Planet Labs PBC, announced a contract renewal with ZEP-RE, an African reinsurance firm headquartered in Nairobi, Kenya. This renewed collaboration builds on a successful first year of partnership, using Planet's insurance solutions to enhance drought risk management in the Horn of ... Read the full article
Florida Citizens expects uplift in ROL as Board approves $5.5bn in coverage for 2024
14th May 2024
At a recently held Board of Governors meeting, Jennifer Montero, Chief Financial Officer (CFO) of Florida's Citizens Property Insurance Corporation, said that the insurer of last resort is expecting a slightly higher rate on line as the Board approved staff to secure $5.5 billion in reinsurance and risk transfer for ... Read the full article
Florida Citizens raises 2024 risk transfer budget to $750m
14th May 2024
Florida’s Citizens Property Insurance Corporation, the state's insurer of last resort, is still targeting as much as $5.5 billion of reinsurance coverage for 2024 but has increased the budget for the entire program to up to $750 million. Documents show that across traditional reinsurance and capital markets risk transfer, Citizens is ... Read the full article
American Coastal on course to secure more reinsurance with June renewal near completion
10th May 2024
American Coastal Insurance Corporation has secured more than 90% of the total reinsurance limit it's seeking for its June 1st renewal, as the firm looks to increase the total open market limit by around $265 million for the 2024 hurricane season, $200 million of which comes from its new, multi-year ... Read the full article
Munich Re focused on maintaining improved T&Cs at mid-year renewals: CFO Jurecka
8th May 2024
Christoph Jurecka, Chief Financial Officer (CFO) of Munich Re, stressed this morning that the global reinsurer will continue to be disciplined at the upcoming mid-year reinsurance renewals, and will focus on maintaining the improved terms and conditions (T&Cs) achieved last year. Early this morning, Munich Re released an impressive set ... Read the full article
TWIA has enough support to finalise reinsurance renewal in next few days
7th May 2024
The Texas Windstorm Insurance Association (TWIA) has secured enough support to complete its reinsurance renewal in the coming days, and its broker Gallagher Re will work with staff to get lines signed, it was revealed today during a TWIA Board meeting. Earlier this year, TWIA’s Board approved the insurers 1-in-100 ... Read the full article
TWIA reinsurance renewal proceeds at pace. $750m placed, plus $1.4bn cat bond
3rd May 2024
With the Texas Windstorm Insurance Association (TWIA) requiring its largest reinsurance purchase on-record given its significant exposure growth, the residual market insurer is making rapid progress, with $750 million of its traditional reinsurance needs already secured in April. That is on top of a $1.4 billion Alamo Re 2024-1 catastrophe ... Read the full article
Top of Allstate’s catastrophe reinsurance tower grows by $1bn for 2024
2nd May 2024
U.S. primary insurer Allstate has revealed it has raised the top of its Nationwide excess catastrophe reinsurance tower for 2024 to just over $7.9 billion, an increase of around $1 billion compared to 2023. Last year, Allstate’s Nationwide Excess Catastrophe Reinsurance Program covered it for losses of up to $6.92 ... Read the full article
Florida market in a much better place ahead of renewals but RenRe remains cautious: CEO O’Donnell
1st May 2024
Bermuda-based reinsurer RenaissanceRe (RenRe) is seeing additional demand for reinsurance in Florida, but while the company also anticipates good discipline from the market at the June 1 renewals and feels the Florida market is in a better place, it remains cautious. Speaking recently during RenRe's Q1 2024 earnings call, executives ... Read the full article
Risk-adjusted economics should be terrific at mid-year renewals and into 2025: Williamson, Everest
30th April 2024
After an excellent outcome for Everest at the January and April 2024 reinsurance renewals, the Bermuda-based firm is expecting "terrific" risk-adjusted economics at the mid-year renewals and a continuation of market discipline, according to Jim Williamson, Executive Vice President (EVP) and Group Chief Operating Officer (COO). Speaking recently during insurer and ... Read the full article
Heritage finalises 2024-25 catastrophe reinsurance program
30th April 2024
Heritage Insurance Holdings has announced the completion of the full placement of its 2024-2025 catastrophe excess-of-loss reinsurance program for its insurance subsidiaries: Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, and Zephyr Insurance Company. The total cost of the program is approximately $422.3 million. Last year's $70 million of ... Read the full article
Favourable P&C reinsurance environment to persist at mid-year renewals: Munich Re CEO
25th April 2024
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re, is confident that the favourable market environment for property and casualty (P&C) reinsurers will continue throughout 2024, after a positive January 1st reinsurance renewal period. Addressing shareholders at Munich Re's Annual General Meeting (AGM), CEO and Chair of the Board, Wenning, described ... Read the full article
Spike in renewal rate change for all segments except workers’ comp in Q1’24: Ivans Index
19th April 2024
Ivans, a division of Applied Systems, has released the Q1 2024 results from the Ivans Index, showing a spike in premium renewal rate change for all major commercial lines of business except Workers’ Compensation, year over year. The average premium renewal rate for commercial auto in Q1 2024 averaged 9.09%, an ... Read the full article
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