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.
Reinsurers’ underwriting margins are “likely to peak” in 2024, says Fitch
24th January 2024
According to a new report from Fitch Ratings, reinsurers’ underwriting margins are "likely to peak in 2024" due to significant price rises and tighter terms and conditions achieved in 2023 and in early January 2024 renewals. The rating agency's report also observed that the reinsurance market conditions are likely to start ... Read the full article
Jan renewals reflect moderate gains as supply constraints ease: Moody’s
23rd January 2024
In the latest analysis from Moody's, the January 2024 reinsurance renewals have shown moderate gains as supply constraints eased, resulting in balanced dynamics between supply and demand. Despite global insured catastrophe losses reaching approximately $108 billion in 2023, well above the historical average, reinsurers posted strong profitability, largely due to severe ... Read the full article
Travelers increases catastrophe XoL reinsurance cover by over $1.5bn at 1.1 renewal
19th January 2024
US primary insurer Travelers decided to increase the size of its catastrophe excess-of-loss (XoL) reinsurance treaty at its January 1st, 2024, renewal, with the 2024 tower extending up to $3.525 billion of qualifying losses, compared with $2 billion in 2023, while the retention is unchanged year-on-year. Alongside the release of its ... Read the full article
Reinsurers continue to enjoy attractive market conditions despite momentum slowing: Berenberg
19th January 2024
Despite momentum slowing down, reinsurers and London market players continue to enjoy attractive market conditions with pricing reaching new highs, while the structural changes in the terms and conditions achieved last year remain in place for 2024, suggest analysts at Berenberg. In a report discussing its recently hosted insurance speed dating ... Read the full article
CCR Re sponsors sixth renewal of its 157 Re sidecar
16th January 2024
French reinsurer CCR Re has sponsored the sixth renewal of its reinsurance sidecar vehicle, 157 Re 24. According to the firm, access to the insurance-linked securities (ILS) market is an important part of its retrocession strategy, and despite another tight retrocession market this year, it still managed to take full advantage ... Read the full article
Last year’s industry reset spurs positive outlook for reinsurance sector in 2024: ReFlex Solutions
15th January 2024
"Investors returning or entering reinsurance for the first time will find a stronger market following the 2023 industry reset, and a highly disciplined environment that will now present the opportunity for incumbents, returnees and providers of fresh capital to achieve long-term value," suggests Neville Ching, CEO of independent Bermuda reinsurance ... Read the full article
American Coastal renews all other perils cat XoL reinsurance with risk adjusted price decrease
10th January 2024
Florida property insurer American Coastal, formerly known as United Insurance Holdings, successfully renewed its all other perils catastrophe excess of loss agreement at the 1.1 2024 renewal, providing the firm with up to $100 million in limit excess of $10 million per occurrence to limit its losses from catastrophe events ... Read the full article
Global property cat reinsurance RoL index up 5.4% at 1.1 2024: Guy Carpenter
9th January 2024
Reinsurance broker Guy Carpenter has reported that at the January 1st, 2024, reinsurance renewal, its Global Property Catastrophe Rate on Line Index (ROL) increased by 5.4% when compared with the prior year. Although this 5.4% increase is a steep decline from the 27.2% rise seen at the Jan 1st, 2023 renewals ... Read the full article
Upward price pressure possible at April renewals following Japan quake: AM Best
5th January 2024
If losses from the recent earthquake that struck the west coast of Japan on January 1 were to hit individual companies’ earthquake reinsurance excess-of-loss layers, it could fuel rate increases in the upcoming 1 April reinsurance renewal, says AM Best. In a report on the matter, the rating agency noted that ... Read the full article
FEMA adds $619.5m in flood reinsurance at renewal, takes NFIP protection to $1.92bn
5th January 2024
The U.S. Federal Emergency Management Agency (FEMA) has completed its 2024 traditional reinsurance placement for the National Flood Insurance Program (NFIP), transferring an additional $619.5 million of the NFIP’s financial risk to the private reinsurance market, for a total premium of $121.1 million for the coverage. The placement covers portions of ... Read the full article
1.1 reinsurance renewal points to strong 2024 earnings: KBW
4th January 2024
KBW Europe's recent discussion on the January 1 reinsurance renewals, led by William Hawkins and Darius Satkauskas, reveals promising insights into the industry's outlook for 2024. Hosted with industry experts David Flandro of Howden Re and James Vickers of Gallagher Re International, the dialogue centered on the findings from their respective ... Read the full article
Enact enters into new quota share reinsurance agreement
4th January 2024
Enact Holdings, Inc., the private mortgage insurer through its insurance subsidiaries, has entered into a quota share reinsurance agreement with a broad panel of highly rated reinsurers. This transaction is done by the company through its flagship legal entity, Enact Mortgage Insurance Corporation. Enact will cede approximately 21% of a portion of ... Read the full article
IAG purchases more catastrophe reinsurance for 2024 amid more stable market
4th January 2024
Australian insurer IAG has placed its catastrophe reinsurance program for 2024, purchasing more protection than originally expected with the main cover for two events rising by $500 million to $10.5 billion, with an unchanged attachment point of $500 million. The 2024 calendar year reinsurance program is placed to 67.5% to reflect ... Read the full article
Aon calls for sustained re/insurance symbiosis after ‘relatively smooth’ 1.1 renewal
3rd January 2024
After a challenging year for many cedents, insurance and reinsurance broker Aon has reported a "relatively smooth" January 1st, 2024, reinsurance renewal, characterised by a rebound in profitability, rebuilding capital positions, and increased availability of retrocession capacity. Aon's latest Reinsurance Market Dynamics report notes increased appetite from reinsurers at 1.1 2024 ... Read the full article
Howden reports adequate capacity and discipline at casualty reinsurance renewals
3rd January 2024
In the lead up to the 1.1 2024 casualty reinsurance renewals, numerous reinsurers called for wholesale action to tackle economic and social inflation, but according to broker Howden, "outcomes ultimately reflected more discerning underwriting informed by loss experience, underlying rate change and prior-year development across individual portfolios." Throughout much of 2023, ... Read the full article
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