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.
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
Guy Carpenter’s US ROL Index up by 1.2% in 2024 amid decreased pricing at mid-year renewals
8th July 2024
Reinsurance broker Guy Carpenter's U.S. Property Catastrophe Rate-On-Line (ROL) Index is now up by just 1.2% in 2024, reflecting a deceleration of rate increases at the mid-year renewals following the highs of last year. While still up by 1.2% after the July renewals, the generally flat to slightly down rate environment ... Read the full article
Proactive sellers, deeper dialog contributed to a healthier mid-year renewals: Mowery, GC
8th July 2024
Reinsurers were more proactive when exploring ways to deploy capacity at the mid-year 2024 renewals, which, together with greater depth of data and detailed dialog between buyers and sellers, made for a healthy marketplace, according to Lara Mowery, Head of Distribution, Guy Carpenter. Reinsurance News spoke with Mowery soon after the ... Read the full article
Stable mid-year renewals point to favourable outlook for reinsurance rates: RBC
5th July 2024
Analysts at RBC Capital Markets believe reinsurance rates still have a favourable outlook after the mid-year renewals, despite being below peak levels seen last year. The main message from broking groups following the mid-year reinsurance renewals was that it was a more stable environment than last year, as supply generally met ... Read the full article
Suncorp adds $350m to top of catastrophe reinsurance tower as CEO welcomes market stability
5th July 2024
Australian insurer Suncorp has successfully placed its 2025 fiscal year catastrophe reinsurance program, maintaining its maximum event retention of $350 million for a first large event and lifting the top of its tower to $6.75 billion. For 2024, Suncorp reduced the top of its tower by $400 million to $6.4 ... Read the full article
UAE floods drive challenging and late mid-year renewals in the Middle East: Gallagher Re
4th July 2024
While most property reinsurance placements were completed either early or on time, renewals in the Middle East were challenging and late, says reinsurance broker Gallagher Re. According to Gallagher Re's recent mid-year renewals report, this was mainly due to uncertainty around loss estimates for the recent floods in the United Arab ... Read the full article
Mid-year renewals reveal $5bn additional capacity for US reinsurance buyers: Aon
3rd July 2024
The June 1 and July 1, 2024, reinsurance renewals revealed sufficient capacity to meet increased demand, with an additional $5 billion available for US insurers covering catastrophe-exposed properties compared to last year, according to insurance and reinsurance broker Aon. Aon's mid-year 2024 report highlights that this extra capacity brought the total ... Read the full article
Rates down 10%+ for some upper layers of property placements at mid-year renewals: GC
3rd July 2024
Reinsurance broker Guy Carpenter's mid-year reinsurance renewal report reveals that some upper layers of property placements saw risk-adjusted decreases of 10% or more for accounts without loss impacts. However, the broker finds that mid-year 2024 global property catastrophe reinsurance risk-adjusted rates were generally flat to mid-to high-single digits. The report noted that ... Read the full article
Reinsurers maintain healthy appetite & stable capacity for US Casualty at July 1: Gallagher Re
3rd July 2024
A new report from Gallagher Re has observed that reinsurers overall maintained a healthy appetite and stable capacity for US Casualty lines at the July 1 renewals. Commenting on the US general third party liability segment of the casualty insurance space, Gallagher Re noted that loss trends remain elevated, and as ... Read the full article
Lemonade completes 2024 reinsurance renewal on better terms
2nd July 2024
Insurtech firm Lemonade has successfully renewed its reinsurance program, led by the same tier-one carriers as the expiring treaty, the 2024 placement was oversubscribed on all dimensions as the company secured improved terms. At the program’s core is 55% quota share protection, the same level as in recent years. Lemonade confirms ... Read the full article
Gallagher Re finds Florida risk-adjusted rates flat to down 10% at mid-year renewals
1st July 2024
As per Gallagher Re's latest mid-year renewals report, market softening in Florida levelled off and firmed as capacity became less abundant closer to June 1, ultimately leaving risk-adjusted rates on most programs either flat or down by as much as 10%. The report found that programs which were completed in early ... Read the full article
Reinsurance market now balanced, sellers holding the line on retentions: Vickers, Gallagher Re
1st July 2024
The reinsurance market was fairly stable heading into the July 1st, 2024, renewals, and is now more balanced than it was a year ago, although reinsurers are holding the line on retentions, according to James Vickers, Chairman, Gallagher Re International. Reinsurance News spoke with Vickers around the launch of reinsurance broker ... Read the full article
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
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