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.
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
Assurant places $1.38bn cat reinsurance program with higher retention
16th February 2024
US specialty insurance group Assurant has completed its April 2024 reinsurance renewal early, purchasing $1.38 billion of catastrophe protection in excess of a $150 million retention, which is $25 million higher than last year. Assurant has shifted its June 1 renewal to April 1, consolidating its reinsurance buying into a single ... Read the full article
QBE shrinks main cat XoL reinsurance tower, adjusts aggregate protection at renewal
16th February 2024
Australian insurer QBE opted to shrink the size of its main catastrophe excess of loss (XoL) reinsurance tower by $400 million at the renewals to $2.7 billion with an unchanged retention of $400 million, while the retention on its aggregate protection came down to $500 million. Announcing its full year ... Read the full article
Swiss Re grew property & cat premiums at Jan renewals, lifts nat cat budget
16th February 2024
Global reinsurance giant Swiss Re grew its premium volume 9% to $13.1 billion at the January 1st, 2024, reinsurance renewals, with further growth in natural catastrophe, property, and specialty lines, and a flat outcome in casualty. This morning, the company announced a solid set of results for 2023 with a ... Read the full article
Swiss Re posts huge rise in net income as P&C Re CoR strengthens to 94.8%
16th February 2024
Large European reinsurer Swiss Re has today reported a significant rise in net income to $3.2 billion for 2023 and a return on equity of 22.3%, as underwriting margins improved and the firm's P&C reinsurance arm delivered income of $1.9 billion. Group-wide, net income increased by 578% from the $472 million ... Read the full article
AIG ‘significantly improved’ property cat structure and reinsurance coverage at 1.1 renewal: CEO Zaffino
14th February 2024
Global insurer AIG was able to "significantly improve" its property catastrophe structure and reinsurance coverage provided at the key January 1st, 2024, reinsurance renewals, with Chief Executive Officer (CEO) Peter Zaffino describing the outcome as "tremendous" for the carrier. After reporting a solid set of results for the fourth quarter ... Read the full article
TWIA could need as much as $4bn in fresh reinsurance and risk transfer limit for 2024
14th February 2024
The Actuarial and Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has recommended that the Board sets the 2024 1-in-100 year PML at $6.5 billion, meaning TWIA could need to purchase even more reinsurance limit for the upcoming storm season. At yesterday's meeting, the Actuarial and Underwriting Committee voted unanimously ... Read the full article
Exposure growth could see TWIA look to increase reinsurance limit by 66% for 2024
12th February 2024
Policies in-force at the Texas Windstorm Insurance Association (TWIA) continue to rise, and combined with inflationary effects pushing up exposed values, the insurer of last resort might look to secure a 65.7% increase in reinsurance limit for 2024. In December, we reported that TWIA had been advised to commence the ... Read the full article
Everest hails ‘excellent’ Jan 1 renewals, expects ‘terrific’ market conditions to persist
9th February 2024
As market conditions remain strong, and with no meaningful new capacity entering the market, Everest Group expects conditions for upcoming renewals to remain excellent, according to Juan Andrade, President and Chief Executive Officer of the Bermuda-based re/insurer. At the 1.1 2024 renewals, Everest achieved “outstanding results”, Andrade highlighted during the firm's ... Read the full article
More consistent approach to property, casualty results more muted at 1/1 renewals: Miller Re
7th February 2024
Independent specialist re/insurance broker Miller's new London and International Market Update, notes a more consistent approach to trading within the property market at the January 1st, 2024, reinsurance renewals, and while pressure remains in the casualty space, the overall results were more muted than last year. According to Miller Re, the ... Read the full article
April and July renewal enviroment will be “broadly similar” to 1/1: Hannover Re
7th February 2024
According to executives at large European reinsurer Hannover Re, the current market environment is anticipated to prevail at the upcoming April and mid-year renewals. As reported earlier, the German reinsurer achieved an inflation and risk-adjusted price increase on renewed business of 2.3% at the 1/1 2024 treaty renewals in traditional ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
