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.
US property catastrophe rates rise by as much as 50% at Jan 1 renewals: Gallagher Re
2nd January 2024
At the January 1st, 2024, reinsurance renewals, U.S. property catastrophe rates increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity, reports Gallagher Re. The reinsurance broker has released its 1st View Report, which discusses an overall more stable and predictable Jan ... Read the full article
Healthy property market drives a “more stable and predictable” renewal: Gallagher Re
2nd January 2024
According to Gallagher Re's 1st View renewal report, the global reinsurance market returned to a "more stable and predictable" renewal at 1/1, driven by a healthier property reinsurance market. This is in sharp contrast to 12 months ago when the market reportedly endured a "stressful and late" renewal due to a ... Read the full article
More favourable supply drives stable reinsurance renewals at Jan 1: Howden
2nd January 2024
An increase in the supply of reinsurance at the January 1st, 2024, renewals, led to a relatively stable and orderly renewal with risk-adjusted pricing witnessing flat changes overall, as global risk-adjusted property catastrophe rates-on-line rose by an average of 3%, reports broker Howden. Since the January 2023 renewals, market conditions have ... Read the full article
Responsive reinsurance market emerges at Jan 1 renewals: Guy Carpenter
29th December 2023
In a recent announcement, global risk and reinsurance specialist Guy Carpenter, has highlighted the emergence of a responsive reinsurance market during the January 1st, 2024, reinsurance renewals. This market shift is attributed to ample capacity and a more commercial approach to trading partnerships, all while maintaining a commitment to underwriting rigor. The ... Read the full article
Property cat renewals flat to up 30%, as casualty sees price pressure: Guy Carpenter
29th December 2023
Global renewal rates for property catastrophe reinsurance saw a wide range of outcomes at the January 1st 2024 renewals, with non-loss affected accounts largely flattish, but loss impacted seeing increases of up to 30%, according to Guy Carpenter. The reinsurance broker highlights a market where reinsurance underwriters were motivated and responsive ... Read the full article
Reinsurers remain “firmly in control” ahead of Jan renewals: JMP Securities
22nd December 2023
Providing insight from meetings with prominent re/insurance players ahead of the January renewals, analysts from JMP Securities said it "quickly became clear" that this year’s renewal is much more orderly than the "significantly dislocated" renewal a year ago. JMP's analysts explained that increased demand for property coverage is largely being met by ... Read the full article
Ark reinsurance sidecar Outrigger Re renewed for 2024 with $250m of capital
22nd December 2023
White Mountains Insurance Group Ltd's specialty P&C re/insurance subsidiary, Ark Insurance Holdings Limited, has sponsored a renewal of its $250 million reinsurance sidecar, Outrigger Re Ltd. for the 2024 calendar year, on similar terms as were in effect for 2023. "Outrigger, a reinsurance sidecar, has again entered into a quota share ... Read the full article
IGP&I sees rate reductions across the board in “positive renewal”
20th December 2023
Mike Hall, Chairman of the International Group of P&I Clubs (IG) Reinsurance Committee, has announced a "positive renewal" for shipowners for February 2024, with all vessel types seeing rate reductions. With IG's Pooling and Group Excess of Loss Reinsurance contract (GXL) structure for 2024/25 having now been finalised, the Group observed ... Read the full article
Underwriting discipline to remain in threshold driven market: Rajeh, Arch Worldwide Re
19th December 2023
After a broad reassessment of the cost of risk, a focus on underwriting discipline is expected to persist at the upcoming renewals and beyond, in what’s expected to be a good market for both primary insurers and reinsurers, according to Maamoun Rajeh, Chairman and Chief Executive Officer (CEO), Arch Worldwide ... Read the full article
Allianz issues €250m European windstorm catastrophe bond
19th December 2023
Insurance giant Allianz has returned to the catastrophe bond market for the first time in over a decade with a new deal which will provide it with a multi-year risk transfer capacity of €250 million to protect against European windstorms. According to Allianz, this reinsurance agreement with Blue Sky Re DAC, ... Read the full article
P&C re/insurance markets brace for modest adjustments in 2024: BMO Capital Markets
15th December 2023
In a recent report from BMO Capital Markets, analysts suggest that the property-catastrophe re-insurance market is poised for low-single-digit increases in pricing come January 2024. The analysis points to a confluence of factors contributing to this trend, including billions of dollars in new demand, sustained population growth along coastal areas, double-digit ... Read the full article
Bermuda reinsurance market forecasts stability in property, tightening in casualty for 2024: KBW
13th December 2023
Executives from the Bermuda reinsurance market are expressing optimism about the 2024 property reinsurance operating environment, foreseeing stability in terms and conditions. While there is some divergence in views on January 1 property catastrophe rates, the consensus points towards a steady market. In the U.S. property catastrophe segment, there is a nuanced ... Read the full article
TWIA to start reinsurance renewal process amid need for additional $1bn in limit for 2024
13th December 2023
Staff at the Texas Windstorm Insurance Association (TWIA) explained that the wind and hail insurer of last resort for the state of Texas requires approximately $1 billion more in reinsurance funding for 2024 when compared with 2023, as exposure growth persists. TWIA's Board noted previously that the insurer would need ... Read the full article
Renewing aggregate reinsurance is likely to be challenging for Italian insurers: Berenberg
8th December 2023
Following a heavy year of losses, renewing aggregate reinsurance will likely be a challenge for Italian insurers, according to insights from investment bank Berenberg. Analysts believe the greatest challenge insurers in Italy will face in 2024 is pricing for non-motor insurance, following the exceptionally high €2.5bn hailstorm losses in the country ... Read the full article
CEA hopes to renew $2.2bn of reinsurance limit at Jan 1
7th December 2023
The California Earthquake Authority (CEA) is hopeful it will be able to successfully renew $2.2 billion of expiring reinsurance limit at the upcoming January 1st, 2024, renewals, which is its largest syndicated placement, amid a continuation of higher rate-on-line pricing. The CEA is one of the largest buyers of natural catastrophe ... Read the full article
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