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 Hartford ‘very pleased’ with January 1 reinsurance renewal outcome, says CFO
5th February 2024
U.S. primary insurer The Hartford is "very pleased" with the placements and terms and conditions for its core per occurrence and aggregate reinsurance treaties the company renewed at the January 1, 2024, reinsurance renewals. Alongside the release of its fourth quarter and full year 2023 financial results last week, property and ... Read the full article
We’re heading towards an environment where it’s more a series of P&C markets: Aon President
2nd February 2024
While the outlook for property and casualty (P&C) pricing remains favourable for 2024, Eric Andersen, President of re/insurance broker Aon, expects a transition to a more product and risk specific marketplace over the next 12-24 months. Following the release of a solid set of results for 2023, Aon executives held ... Read the full article
Enact secures additional $255m of XoL reinsurance coverage
2nd February 2024
Mortgage insurer Enact Holdings, Inc. secured the $255 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 expected new insurance written for the 2024 book year and is effective January 1st, 2024. Enact's flagship legal entity, ... Read the full article
RenRe grew substantially into still highly favourable market at 1.1 renewal: CEO O’Donnell
1st February 2024
Bermuda-based RenaissanceRe’s President and Chief Executive Officer (CEO), Kevin O'Donnell, recently discussed the company's experience at the January 1st, 2024, reinsurance renewals during the firm's Q4 and full year 2023 earnings call. "At the recent January 1 renewal, we improved this already strong underwriting portfolio. Due to our overwhelming success in ... Read the full article
Continued underwriting discipline vital after a ‘much more normal renewal’, Swiss Re’s Lot
30th January 2024
Following a difficult January reinsurance renewal season in 2023, it felt "like a much more normal renewal" this year with fewer surprises, but to ensure a sustainable balance in risk sharing, continued underwriting discipline is paramount, according to Gianfranco Lot, Chief Underwriting Officer (CUO), P&C Reinsurance, Swiss Re. "From a reinsurance ... Read the full article
The market is gradually progressing towards adequacy and normalising: CEO, AXA XL Re
29th January 2024
Reflecting on the 1/1 2024 renewals, AXA XL Reinsurance's Chief Executive Officer (CEO), Renaud Guidée says that the market is "gradually progressing towards adequacy and normalising." In a report posted by the organisation, he explained that it is extremely important that the industry is getting back to a clearer and more ... Read the full article
AJ Gallagher CEO highlights orderly 1/1 reinsurance renewals
26th January 2024
In Arthur J. Gallagher & Co.'s Q4 earnings call, J. Patrick Gallagher, Jr., Chairman and CEO, provided insights into the 1/1 renewals in the reinsurance market, highlighting an orderly process and a more balanced supply-demand dynamic. The CEO noted a continued strong demand for property catastrophe cover, met by sufficient reinsurance ... Read the full article
Jan 1 reinsurance renewals positive and balanced: Klisura, Guy Carpenter CEO
25th January 2024
Overall, capacity was adequate for the completion of most programmes at the January 1st, 2024, reinsurance renewals, and with dedicated reinsurance capital growth in the double-digits, it was a positive renewal, according to Dean Klisura, President and Chief Executive Officer (CEO) of Guy Carpenter. Following the release of insurance and ... Read the full article
SI Re grows premium volume 2%, cuts frequency risk exposure at 1.1 renewal
25th January 2024
Zug, Switzerland based reinsurer SIGNAL IDUNA Reinsurance Ltd (SI Re) further enhanced the profitability of its book at the January 1st, 2024, reinsurance renewals, while cutting its exposure to frequency risks and growing its share in non-proportional covers. The company, which is an affiliate of German primary insurer SIGNA IDUNA Group, ... Read the full article
Conduit Re grows portfolio 38% at ‘very strong’ Jan 1 reinsurance renewals
25th January 2024
Bermuda-based reinsurer Conduit Re has reported estimated ultimate premiums written of $582.4 million at a "very strong" January 1st, 2024, reinsurance renewals for the company, driven by solid year-on-year growth in property and specialty and an overall risk-adjusted rate change of 3%, net of inflation. When compared with the 1.1 2023 ... Read the full article
Reinsurers’ underwriting margins are “likely to peak” in 2024, says Fitch
24th January 2024
According to a new report from Fitch Ratings, reinsurers’ underwriting margins are "likely to peak in 2024" due to significant price rises and tighter terms and conditions achieved in 2023 and in early January 2024 renewals. The rating agency's report also observed that the reinsurance market conditions are likely to start ... Read the full article
Jan renewals reflect moderate gains as supply constraints ease: Moody’s
23rd January 2024
In the latest analysis from Moody's, the January 2024 reinsurance renewals have shown moderate gains as supply constraints eased, resulting in balanced dynamics between supply and demand. Despite global insured catastrophe losses reaching approximately $108 billion in 2023, well above the historical average, reinsurers posted strong profitability, largely due to severe ... Read the full article
Travelers increases catastrophe XoL reinsurance cover by over $1.5bn at 1.1 renewal
19th January 2024
US primary insurer Travelers decided to increase the size of its catastrophe excess-of-loss (XoL) reinsurance treaty at its January 1st, 2024, renewal, with the 2024 tower extending up to $3.525 billion of qualifying losses, compared with $2 billion in 2023, while the retention is unchanged year-on-year. Alongside the release of its ... Read the full article
Reinsurers continue to enjoy attractive market conditions despite momentum slowing: Berenberg
19th January 2024
Despite momentum slowing down, reinsurers and London market players continue to enjoy attractive market conditions with pricing reaching new highs, while the structural changes in the terms and conditions achieved last year remain in place for 2024, suggest analysts at Berenberg. In a report discussing its recently hosted insurance speed dating ... Read the full article
CCR Re sponsors sixth renewal of its 157 Re sidecar
16th January 2024
French reinsurer CCR Re has sponsored the sixth renewal of its reinsurance sidecar vehicle, 157 Re 24. According to the firm, access to the insurance-linked securities (ILS) market is an important part of its retrocession strategy, and despite another tight retrocession market this year, it still managed to take full advantage ... Read the full article
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