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.
The American Club reports stable renewal results amid challenges
19th March 2024
The American Club (the Club), a US-domiciled mutual protection and indemnity club, has reported slight decreases in its year-on-year renewal results, indicating overall stability despite recent challenges. For the Club's Class I entries, it's reported that gross tonnage has decreased by approximately $2.5 million compared to last year, now standing at ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
More stability, healthy levels of reinsurance profitability expected in 2024: Lancashire CUO
6th March 2024
Trading conditions at the January 1st, 2024, reinsurance renewals were much more stable than a year earlier, and with discipline maintained and a greater willingness from existing carriers to deploy, the outlook for 2024 is one of more stability and healthy levels of profitability, according to Paul Gregory, Chief Underwriting ... Read the full article
Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s
5th March 2024
Analysts at Moody's Investors Service expect demand for reinsurance protection to remain strong in 2024 but warns that while reinsurers have scope to push through further price increases, as competition intensifies in the sector, prices will likely peak this year. Moody's is the latest to predict a peak in reinsurance pricing ... Read the full article
Property cat reinsurance pricing power to fall 5-10% at mid-year renewals
5th March 2024
As per a report from analysts at BMO Capital Markets, a prominent reinsurance broking executive from Howden Tiger has suggested property-catastrophe reinsurance pricing power will fall 5-10% at mid-year contract renewals. The comments from the Howden Tiger executive were reportedly made at the Association of Insurance and Financial Analysts (AIFA) conference, ... Read the full article
Progressive renews agg XoL reinsurance with lower retentions, upsizes shared hurricane limit
4th March 2024
Property and auto-focused insurance group, Progressive, renewed its aggregate excess of loss (XoL) reinsurance program for its property business at the January renewals with a lower retention for both layers, and has also renewed and upsized its hurricane coverage for the 2024 wind season. The new aggregate XoL reinsurance arrangement entered ... Read the full article
European reinsurers’ 1/1 renewals outcome suggests underwriting margins close to peaking: Fitch
29th February 2024
Analysis by Fitch Ratings on the outcome of the key January 1st, 2024, renewals for European reinsurers claims that underwriting margins are close to peaking as supply and demand exhibits greater equilibrium. Earlier this year, Fitch warned that reinsurers’ underwriting margins are likely to peak in 2024, as the rating ... Read the full article
LOOP renews reinsurance program led by same reinsurers as prior
28th February 2024
LOOP, a Public-Benefit Corporation and Artificial Intelligence-powered auto insurer, has successfully renewed its reinsurance program and will go into effect for an extended 15-month term. The renewed program is led by the same tier-one reinsurers and carrier as the expiring and was oversubscribed on all dimensions, LOOP stated. It features the same ... Read the full article
We assume the hard market is going to continue, says Munich Re’s Wenning
27th February 2024
After another year of more than $100 billion of insurance and reinsurance industry losses from natural catastrophes in 2023, and with no major influx of fresh capital, the hard market environment is expected to persist, according to Munich Re's CEO Joachim Wenning. This morning, the global reinsurer reported a strong ... Read the full article
Clients with excellent loss experience should be optimistic heading into 2024 renewals: Gallagher’s Hubbard
26th February 2024
Clients with excellent loss experience should feel a lot more optimistic going into their 2024 renewals, according to Mark Hubbard, Managing Director, Global Property, Gallagher Specialty. Speaking in the firm's global property insurance market update, Hubbard stated that the catastrophic events of the past few years have presented many challenges to ... Read the full article
Zurich adds $300m top cat layer for Europe to 2024 reinsurance arrangements
22nd February 2024
European re/insurer Zurich has made some adjustments to its reinsurance coverages for 2024 with the addition of a new $300 million top catastrophe layer to its Europe all perils tower, while the retention on its U.S. all perils tower has come down by $50 million to $600 million. Alongside the ... Read the full article
AXA grows European windstorm reinsurance by 40% to €3.9bn for 2024
22nd February 2024
Global insurance and reinsurance firm AXA has purchased significantly more protection for its European exposures at the January 2024 renewals, growing its European windstorm reinsurance in particular by 40% to reach €3.9 billion. AXA has purchased significantly more catastrophe reinsurance limit overall for 2024, with its European flood reinsurance tower also ... Read the full article
TWIA board approves 1-in-100 year PML of $6.5bn for 2024 storm season
20th February 2024
The Board of the Texas Windstorm Insurance Association (TWIA) recently voted in favour of the Actuarial and Underwriting Committee's recommendation to set the 1-in-100 year PML for the 2024 storm season at $6.5 billion. We wrote last week that the Committee voted to recommend the Board uses a 75% / ... Read the full article
Palomar CEO optimistic on reinsurance renewals, sees positive market trajectory
19th February 2024
Mac Armstrong, CEO of Palomar Holdings, expressed satisfaction with the outcomes of the company's reinsurance treaties renewing on January 1 during the Q4'23 earnings call. Armstrong stated, "As it pertains to our Reinsurance program, we are pleased with the outcome for our reinsurance treaties renewing January 1." Armstrong highlighted that while only ... Read the full article
Casualty reinsurance renewals show modest adjustments despite rising risks: AM Best
19th February 2024
In the recent January 1, 2024, renewal season, casualty reinsurance markets experienced relatively stable conditions despite escalating risks in the industry, according to a report by AM Best. While concerns over social inflation, litigation funding, and emerging liabilities like nanoplastics and PFAS loomed large, reinsurers maintained a steady course, supported by ... Read the full article
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