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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.

Florida renewals a “perfect storm” of challenges, warns Demotech

20th May 2020

Financial analysis firm Demotech has warned that the Florida reinsurance renewals will bring a myriad of challenges for the market, with COVID-19 issues piling on top of a shortage of retro cover, continued loss creep, and legislative issues. Even before the pandemic, analysts had anticipated that 2020 would not be business ... Read the full article

Palomar completes June reinsurance renewal

19th May 2020

Specialty property insurer Palomar Holdings has announced the successful completion of its June 1, 2020 reinsurance programs. The company procured $200 million of incremental limit for California earthquakes, $300 million of incremental limit for all earthquake zones, and $80 million of incremental windstorm limit. Reinsurance coverage now exhausts at $1.4 billion for ... Read the full article

FedNat CEO sees reinsurance rate increases as “extremely manageable”

18th May 2020

Mike Braun, the Chief Executive Officer (CEO) of FedNat Holding Company (FedNat), has said that while the firm expects reinsurance pricing to increase, movements are anticipated to be "extremely manageable" for the insurer. Speaking during the company's first-quarter 2020 earnings call, CEO Braun discussed FedNat's 2020-2021 reinsurance renewal amid an expectation ... Read the full article

Reinsurance markets to remain healthy at mid-year renewals: Everest Re’s Doucette

15th May 2020

Everest Re is expecting the reinsurance markets to remain healthy at the upcoming mid-year renewals, despite uncertainties from the COVID-19 pandemic, according to John Doucette, EVP, President and CEO of the company’s Reinsurance Division. Speaking on a call alongside the release of Everest Re’s Q1 results, Doucette noted that the ... Read the full article

Suncorp “well advanced” in cat reinsurance renewal

11th May 2020

Australian insurer Suncorp has said that it remains “on track” to complete the placement of its reinsurance renewal program by June 30th, following major bushfire and hail losses earlier in the year. The company reports that it is “well advanced” with the placement of its main catastrophe program and is ... Read the full article

Florida Citizens targets $1.581bn reinsurance & cat bond renewal for 2020

4th May 2020

Florida’s Citizens Property Insurance Corporation is out in the market seeking roughly $1.581 billion of fresh reinsurance coverage from its 2020 reinsurance renewal of both traditional and catastrophe bond coverage. Our sister publication Artemis was first to report today that Florida Citizens is back in the catastrophe bond market targeting ... Read the full article

Cat reinsurers broadly optimistic about mid-year renewal pricing: KBW

24th April 2020

Catastrophe reinsurers attending the AIFA 2020 conference remain broadly optimistic about mid-year renewal pricing, with some estimated increases approaching 50% for the Japan-focused 4/1 renewals, according to analysts at Keefe, Bruyette & Woods. In addition, roughly 20% increases are expected for the Florida-focused 6/1 renewals, with the delta reflecting Japan’s significant ... Read the full article

SCOR achieves 6.6% pricing increase at April renewals

22nd April 2020

SCOR Global P&C has reported a 6.6% overall increase in pricing at the April 1 renewals, which saw the reinsurer restructure some of its catastrophe business in Japan. The company grew gross premiums up for renewal by 5.7% at constant exchange rates to €504 million, and generated a 5.4% growth in ... Read the full article

Mid-year renewals expected to be on-time: Priebe, Guy Carpenter

14th April 2020

The mid-year reinsurance renewals at June and July 1st 2020 are expected to proceed without any major issues due to the COVID-19 pandemic, as the industry prepares to negotiate via video conference, David Priebe, Chairman of Guy Carpenter told us. Speaking with Reinsurance News, the Chairman of reinsurance broker Guy Carpenter ... Read the full article

Premium renewal trends positive across Q1: IVANS

9th April 2020

Premium renewal rates continued to increase during the first quarter of 2020 for almost all major commercial lines products, according to the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal ... Read the full article

Organized 1/4 renewals a prudent approach in light of COVID-19: Willis Re’s Kent

7th April 2020

The majority of protection buyers started their April 1st reinsurance renewal negotiations well in advance, which, in light of the challenges driven by the COVID-19 pandemic proved to be a prescient approach, according to James Kent, global Chief Executive Officer (CEO) of Willis Re. As noted by reinsurance brokerage Willis ... Read the full article

Reinsurer appetite for catastrophe risk generally stable, says Moody’s

3rd April 2020

Disclosures of January 1st, 2020 modelled probable maximum loss (PML) figures reveals that reinsurance companies looked to take advantage of improved pricing and deployed greater levels of capital to property catastrophe risks, according to Moody's Investors Service. After heavy catastrophe loss years in both 2017 and 2018 on the back of ... Read the full article

Japan wind and flood rates up 30-50% at April renewals: Willis Re

2nd April 2020

Willis Re has reported that reinsurance rates were up by between 30% and 50% for Japanese wind and flood risk at the recent April 1 renewals. The broker said that these renewals saw higher rate increases than occurrence layers, with reinsurers applying significant pressure for restructuring. The renewals were also reported ... Read the full article

kWh Analytics closes Swiss Re-backed 32 MW Solar Revenue Put

1st April 2020

Solar risk management firm kWh Analytics has closed a Swiss Re-funded Solar Revenue Put for a portfolio of 4,000 projects totalling roughly 32 MW DC of capacity. This is the first publicly announced repeat closing with the Solar Revenue Put. It is structured as an insurance policy on solar production and PPA ... Read the full article

Loss-hit lines up +50% during a steady April reinsurance renewals: Willis Re

1st April 2020

Despite the disruption caused by the ongoing COVID-19 pandemic, reinsurers took a measured approach to the April renewals and services were provided without interruption, reports reinsurance broker Willis Re in its latest 1st View renewals report. According to Willis Re, the reinsurance broking arm of Willis Towers Watson, the global reinsurance ... Read the full article

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