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.
Continued pricing and structural dynamics at July reinsurance renewals: Gallagher Re
3rd July 2023
Gallagher Re, the global reinsurance broker, has released its latest 1st View renewals report, highlighting the trends and dynamics at the July 1 reinsurance renewals, which indicates a continuation of pricing and structural dynamics similar to those observed during the January 1 and April 1 renewal periods. Despite significant year-on-year increases, ... Read the full article
Capacity stable at Australia & NZ mid-year renewals as insurers adjust to higher retentions: Aon
30th June 2023
Insurers in Australia and New Zealand are adjusting to higher net retentions as reinsurers continue to move away from frequency risk amid consecutive years of heavy major catastrophe losses in the region. But despite the headwinds and increased demand for protection, capacity was stable and sufficient thanks to the support ... Read the full article
Ample property cat reinsurance capacity available as order returned at mid-year renewals: Aon
29th June 2023
A sense of order returned to reinsurance renewals at the mid-year, helped by the catastrophe reinsurance market finding a new equilibrium with ample capacity available for property cat risks, according to insurance and reinsurance broker Aon. The broker's June and July 2023 Reinsurance Market Dynamics report dissects the mid-year renewals season, ... Read the full article
Assurant places $1.3bn cat program with higher first event retention
23rd June 2023
Assurant has finalised its 2023 property catastrophe reinsurance program, successfully placing $1.28bn in loss coverage within its main US program, which compares to the $1.16bn the specialty insurer placed in 2022. At the same time, the company has maintained a $125m retention for a first event, with retention level dropping ... Read the full article
Lemonade renews reinsurance program, creates risk-bearing entities
22nd June 2023
Insurtech firm Lemonade has announced the successful renewal of its reinsurance program. It has also formed Lemonade Re and a captive cell to retain some of their risk. According to the announcement, the program is to be led by the same tier-one carriers as the expiring one and was oversubscribed on ... Read the full article
UIHC renews 2023-24 cat reinsurance programs for subsidiaries
6th June 2023
United Insurance Holdings (UIHC) has renewed its 2023-24 catastrophe reinsurance programs, purchasing $1.32bn of occurrence-based limit for subsidiary American Coastal Insurance Company (ACIC) and another $82mn occurrence-based limit for Interboro Insurance Company (ICC). Compared to the $2.52bn of occurrence-based limit in the aggregate purchased for ACIC’s 2022-23 core cat reinsurance program, ... Read the full article
June 1 renewals reflect trends that were witnessed in 1/1: Peel Hunt
6th June 2023
The recent June 1 renewals which mainly focuses on the Florida market, showed that property catastrophe reinsurance rates rose 33% on average according to Howden Tiger, However, analysts from Peel Hunt say that this lies within the 25-40% range, which reflects similar trends that were witnessed in the 1/1 renewals ... Read the full article
Vesttoo completes $120m casualty quota share renewal for leading Lloyd’s syndicate
5th June 2023
Vesttoo, an insurance risk transfer and investment platform, has announced the completion of a successful $120 million renewal of quota share reinsurance cover for a leading London Lloyd's syndicate. The transaction, which was brokered by Howden Tiger, demonstrates continued global demand to bridge the insurance and capital markets. According to the announcement, ... Read the full article
Reinsurance capital beginning to recover: Flandro, Howden Tiger
5th June 2023
David Flandro, the Head of Industry Analysis & Strategic Advisory at re/insurance broker Howden Tiger, has noted early signs of recovery in the market after capacity was largely impaired last year. During a briefing on reinsurance trends held on June 1st, Flandro noted it hasn't fully undergone a change yet, but ... Read the full article
Florida reinsurance market shows signs of recovery with strong rate momentum: Berenberg
5th June 2023
In a positive turn of events for the Florida reinsurance market, industry analysts from investment bank Berenberg have reported that the market is experiencing strong rate momentum and renewed interest from reinsurers. The current rate increases and expected profitability have attracted players such as Berkshire Hathaway, DE Shaw, Ariel Re, and ... Read the full article
HCI expands coverage for TypTap & Homeowners Choice at June renewal
2nd June 2023
Florida-based insurtech HCI Group has increased the reinsurance coverage for both its TypTap and Homeowners Choice subsidiaries at the June renewal. HCI has secured two reinsurance towers for its two insurance subsidiaries by entering into contracts with multiple private reinsurance companies and with the State Board of Administration of Florida, which ... Read the full article
Tower Hill increases reinsurance cover to nearly $2bn at June 1
2nd June 2023
Tower Hill Insurance Exchange has completed its Florida reinsurance program ahead of the June 1 renewal date, securing close to $2 billion in catastrophe reinsurance cover to protect it in excess of rating agency requirements, including all perils. According to Tower Hill, this coverage includes $120 million more limit than the ... Read the full article
Property-cat rates up 33%, index hits record high at June 1: Howden Tiger
1st June 2023
Howden Tiger reports a significant increase in reinsurance rates, with risk-adjusted property-catastrophe pricing up 33% on average at June 1 renewals, reaching its highest level since inception. The rate increase fell within the range of 25% to 40%, with variations depending on the specific layer. This follows a 25% increase ... Read the full article
Toka Tū Ake EQC renews record reinsurance program, gets first cat bond
31st May 2023
New Zealand’s state-owned residential property disaster insurance entity, Toka Tū Ake EQC, has completed a renewal for a record level of reinsurance of just under $8.2 billion for New Zealand homeowners, including reinsurance via catastrophe bonds, which it has secured for the first time. Toka Tū Ake EQC Chief Executive, Tina ... Read the full article
Palomar completes June reinsurance renewal
31st May 2023
Palomar Holdings, Inc., has successfully completed its June 1 reinsurance renewal, securing a tower that extends to a $2.68 billion first-event. The firm said that its reinsurance coverage now exhausts at $2.68 billion for earthquake events, which includes $17.5 million of additional limit incepting September 1, 2023, $900 million for Hawaii ... 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.
