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.
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
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
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