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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.

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

Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo

8th May 2019

Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article

Hiscox uncertain if mid-year rate increases will be adequate

7th May 2019

Global insurer and reinsurer Hiscox saw its gross written premiums increase by 0.6% in the first-quarter of 2019, as a decline in the reinsurance & insurance-linked securities (ILS) segment offset growth in the retail and London market segments. At the same time, the re/insurer is unconvinced mid-year rate increases will ... Read the full article

Chubb renews global prop cat & terrorism reinsurance at April 1st

6th May 2019

Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article

Swiss Re optimistic about renewal rates at mid-year: CFO, John Dacey

3rd May 2019

John Dacey, the Group Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that in all cases, rate movements at the April 1st renewals were adequate for the firm and that it's optimistic about the important June / July renewals season. Swiss Re today reported its financial results ... Read the full article

Re/insurance market turning more positive, say analysts

2nd May 2019

Analysts at Canaccord Genuity believe signs of a steady re/insurance market turn might be starting to materialise, underpinned by a return to underwriting discipline and a shift from market dynamics more favourable to buyers of protection. Discussing a recent Willis Towers Watson (WTW) report, analysts note a more positive outlook for commercial ... Read the full article

Mid-year reinsurance renewals could be similar to April 1: JMP analysts

2nd May 2019

The upcoming mid-year reinsurance renewals are likely to produce similar results to the recent Japan April 1st renewals, underpinned by respectable but uninspiring increases owing to an abundance of available capital in the market, according to analysts at JMP. Analysts highlight disappointing rate improvements at the January 1st 2019 renewals, followed ... Read the full article

Universal’s Jon Springer highlights speculation around mid-year rate movements

30th April 2019

Speculation remains around the magnitude of rate movements at the mid-year 2019 reinsurance renewals, underpinned by the potential impact on pricing from recent legislation targeting assignment of benefits (AOB) abuse in the state of Florida, according to Jon Springer, the President and Chief Risk Officer (CRO) of Universal Insurance Holdings, ... Read the full article

AXIS significantly expands in Japan under “quite attractive terms”

29th April 2019

Bermuda domiciled insurer and reinsurer, AXIS Capital significantly increased its exposure in Japan at the April 1st renewals, under "quite attractive terms." Speaking during the re/insurer's first-quarter 2019 earnings call, AXIS Capital President and Chief Executive Officer (CEO), Albert Benchimol, noted an "attractive Japanese market" at the most recent renewals, with ... Read the full article

Potential for mid-year reinsurance rate increases to be stronger than expected: JMP

25th April 2019

Analysts at JMP Securities LLC believe that reinsurance rate increases at the upcoming mid-year renewals could be stronger than initially expected. Combined, a number of trends suggest that this time around, "pricing may have some teeth", say analysts in a recent industry note focused on the mid-year reinsurance renewals. Highlighting reports that ... Read the full article

Early, but meaningful signs the market is responding to cat activity: Robert Berkley

24th April 2019

W. R. Berkley Corporation achieved a 6.4% rate increase, excluding workers' compensation, in the first-quarter of 2019, with much of the property market experiencing some of the most meaningful increases. "From our perspective, with the exception of workers' compensation, by and large, every line of business within the commercial line space ... Read the full article

SCOR Global P&C grows premiums by 9.6% at April renewals

18th April 2019

SCOR Global P&C, a division of the French reinsurance company, has announced that it grew its reinsurance premiums at the April renewals by 9.6% at constant exchange rates to €548 million. The reinsurer said that it benefitted from “broadly improving market conditions,” with catastrophe reinsurance treaties responding “rationally” in the aftermath ... Read the full article

Pricing to improve from current levels but become less cyclical: Berenberg

17th April 2019

The reality that profitability has to be achieved at current pricing levels has altered market expectations for insurers and reinsurers, and while analysts at Berenberg expect rates to improve from where they are today, going forward, pricing is expected to become less cyclical. Analysts highlight a challenging pricing environment for the ... Read the full article

Weather events to impact Q1 re/insurance results: Buckingham Research Group

17th April 2019

The Buckingham Research Group is anticipating a “relatively choppy” catastrophe load for re/insurers in the first quarter of 2019 due to the impact of severe weather, winter weather and flooding. Events like the March flooding in the Midwest U.S could generate economic losses of $4.25 billion, according to estimates from ... Read the full article

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