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.
Hannover Re grows book by 6.9% at Jan 1 P&C reinsurance renewals
7th February 2024
German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 2.3% in the 1 January 2024 treaty renewals in traditional property and casualty (P&C) reinsurance. Hannover Re suggests that the market environment for the renewals proved to be more stable than in ... Read the full article
There will be pressure on cat pricing at the April renewals: SCOR P&C CEO
6th February 2024
Jean-Paul Conoscente, the Chief Executive Officer (CEO) of property & casualty (P&C) at French reinsurer SCOR, has said that it is likely that there will be pressure on pricing catastrophe programmes for the April renewals. Speaking during a conference call earlier today, Conoscente explained that SCOR is expecting to see positive ... Read the full article
SCOR grows P&C portfolio 13.6% at Jan reinsurance renewals
6th February 2024
Global reinsurer SCOR saw a rise in estimated gross premium income (EGPI) of 13.6% for P&C business at the January 1st, 2024, reinsurance renewals, above the average Forward 2026 strategic plan assumptions. SCOR notes that in line with its Forward 2026 strategic plan announced in September 2023, the reinsurer grew ... Read the full article
Organic growth drives portfolio expansion for CCR Re at Jan 1 reinsurance renewals
5th February 2024
CCR Re, the French reinsurer, took advantage of "slightly tougher reinsurance rates" at the January renewals as the firm wrote almost €840 million of premiums, an increase of 11% year-on year. The January 1st, 2024, reinsurance renewals accounts for roughly 65% of CCR Re's portfolio. The reinsurer notes that more than half ... Read the full article
Selective Insurance lifts property cat reinsurance limit to $1.1bn at Jan renewal
5th February 2024
Selective Insurance has disclosed that it successfully renewed its property catastrophe reinsurance program effective January 1 2024, going to market with a $1.1 billion limit in excess of a $100 million retention, compared to its expiring $915 million limit in excess of a $60 million retention. “While the expiring program had ... Read the full article
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
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