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Reinsurance News

Reinsurance renewals

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.

Rate rises now largely factored into reinsurance shares, say analysts

18th June 2019

Analysts at Peel Hunt believe rate increases are already largely factored into reinsurance share prices, and suggest market participants trim their sector exposures in light of the U.S. hurricane season. In 2019, a flattish January European renewals season was followed by modest price firming in April in Japan, on the back ... Read the full article

TWIA secures $2.1bn of private market reinsurance & cat bonds for 2019

7th June 2019

The Texas Windstorm Insurance Association (TWIA) has completed its 2019 reinsurance program, securing $2.1 billion of private market reinsurance and catastrophe bond protection for the 2019 Atlantic hurricane season. TWIA's 2019 reinsurance program is effective June 1st, 2019 and provides total aggregate funding of $4.2 billion. 50% of this is from ... Read the full article

Rates to increase through April 2020 regardless of storm activity: Goldman Sachs

6th June 2019

Analysts at Goldman Sachs believe that catastrophe reinsurance and retrocession rates will continue to increase through to April 2020 regardless of how active this year’s storm season is. However, the firm does not believe that rate increases will continue into the June 2020 renewals and beyond without another above-year average loss ... Read the full article

HCI Group secures $1.5bn cat reinsurance limit at June renewals

6th June 2019

Florida-headquartered re/insurance focused holding company HCI Group has completed its catastrophe reinsurance program for 2019-20, securing a total limit of $1.477 billion. The program provides coverage up to approximately $901 million for a first event loss, excluding flood, and subsequent coverage of up to $608 million for a second event loss. Third party ... Read the full article

Global reinsurance pricing not hard, but firming: S&P Global

5th June 2019

After a two year period where it seemed unlikely that catastrophe losses would be enough to harden the overall market, S&P Global Ratings says reinsurers saw some green shoots during the 2019 April and June renewals, with property catastrophe rate increases in the 15% to 25% range on loss affected ... Read the full article

New Zealand’s Earthquake Commission increases reinsurance cover to $6.2bn

4th June 2019

The Earthquake Commission (EQC) of New Zealand has increased its reinsurance coverage at the June 1 renewals, securing NZ $6.2 billion (US $4.1 billion) of protection for the next 12 months, according to reports from Stuff. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. Last year, the ... Read the full article

June 1 rates expected to be up 10% – 30% for loss-affected accounts: Analysts

3rd June 2019

Meetings with insurers and reinsurers in Bermuda points to an expectation of average mid-year reinsurance renewal price increases of 10% - 30% for loss-affected accounts, according to analysts at Morgan Stanley. After a prolonged period of falling rates, heavy catastrophe losses and a muted rate response, reinsurers were hopeful of a ... Read the full article

Palomar Holdings completes reinsurance renewal

3rd June 2019

Specialty property insurance company, Palomar Holdings, Inc. has announced the successful completion of its June 1st, 2019 reinsurance programs. Including the insurer's Torrey Pines Re catastrophe bond, Palomar Holdings' renewed $470 million of its core reinsurance program, and also purchased $200 million of incremental limit that sits at the top of ... Read the full article

Universal’s P&C units secure largest cat reinsurance programs to date

31st May 2019

Universal Insurance Holdings, Inc. has announced that its subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2019-20 reinsurance programs, effective June 1. The units secured more catastrophe coverage than at any other point in Universal’s history, with the top ... Read the full article

Analysts expect mid-teen reinsurance rate increases at mid-year renewals

31st May 2019

Analysts at KBW expect average June 1st catastrophe reinsurance rate increases in the mid-teens, but warns that Florida cat rates remain far below previous peaks. Anticipation of average rate increases in the mid-teens at the upcoming mid-year renewals follows analysts' meetings with Bermudian insurers, reinsurers and brokers. KBW notes that expectations ... Read the full article

JMP predicts 15-20% rate hikes at June 1, says Jebi creep could reach $16bn

28th May 2019

Analysts at JMP Securities anticipate that overall pricing increases at the upcoming June 1 reinsurance renewals will be in the range of 15-20%, with wide variation among programs. The firm’s estimates follow meetings with re/insurers and brokers in Bermuda, which also revealed that many are expecting loss creep from Typhoon Jebi ... Read the full article

Property cat business expected to drive underwriting profit at Third Point Re

17th May 2019

As hedge fund-backed reinsurer Third Point Re continues to build and evolve its underwriting platform, which now includes property catastrophe reinsurance business, it expects to achieve underwriting profitability within the next year or so, according to Dan Malloy, Third Point Re's Chief Executive Officer (CEO). The hedge fund-backed reinsurer adopts an ... Read the full article

FedNat well situated for “unusual” renewal: President & CEO Braun

15th May 2019

Numerous dynamics are at play across the reinsurance market ahead of June 1st, with delays in pricing and gamesmanship contributing to an unusual mid-year renewals season, according to the President and Chief Executive Officer (CEO) of FedNat Holding Company, Michael Braun. The global risk transfer industry continues to speculate about the ... Read the full article

Everest Re CEO Addesso encouraged by rational response to market issues

14th May 2019

The President and Chief Executive Officer (CEO) of Bermuda-based reinsurer Everest Re, Dominic Addesso, is encouraged by how the reinsurance industry is responding to recent loss activity and trends. On the back of consecutive years of increased re/insured catastrophe losses, intense competition and significant pressure on rates, first-quarter 2019 commentary from ... Read the full article

Florida market to undergo meaningful price correction at June 1: AIG’s Zaffino

10th May 2019

Global insurer AIG believes the Florida property reinsurance market will undergo a meaningful price correction at the upcoming mid-year renewals, while more broadly, it continues to see greater evidence of price discipline, according to Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. Speaking during ... Read the full article

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