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.
SCOR records +15.9% premium growth at favourable Jan 1 reinsurance renewals
9th February 2021
Global reinsurer SCOR has highlighted favourable market conditions at the January 1st, 2021 renewals, as the firm grew its reinsurance treaty premium income up for renewal by 15.9%. Overall, premiums increased by €472 million to €3.445 billion, with SCOR reporting an overall average price increase of 7.8%. The re/insurer states that in ... Read the full article
New entrants filled capacity gaps at 1/1 renewals: Lockton Re
4th February 2021
Following somewhat muted rate increases at the January 1 reinsurance renewals, Ross Howard, Global Executive Chairman at Lockton Re, has attributed the suppressed dynamic to new market entrants plugging gaps in capacity. Prices increased at 1/1 on the back of a hardening re/insurance market, but rate increases were generally more modest ... Read the full article
Hannover Re reports average price increase of 5.5% at Jan 1st renewals
4th February 2021
Reinsurer Hannover Re has reported an average price increase of 5.5% on renewed business at the January 1st, 2021 renewals, as the firm booked premium growth in traditional property and casualty reinsurance of 8.5%. According to Hannover Re, the pricing trend witnessed at 1/1 was driven by the substantial burden of ... Read the full article
January renewals were in-line with expectations, says RBC
3rd February 2021
Analysts at RBC Capital Markets have maintained that the January 1 reinsurance renewals were “in-line” with expectations, despite reports that pricing increases were more muted than many had hoped. “In all our time looking at and working in the sector, we cannot think of a time when the January reinsurance renewals ... Read the full article
January 1 pricing outperformed RenRe’s expectations, says O’Donnell
1st February 2021
Kevin O’Donnell, President and CEO of Bermudian reinsurer RenaissanceRe (RenRe), says that pricing dynamics across both casualty and specialty lines, as well as property E&S, outperformed the company’s expectations at the January 1 renewals. The broad feeling in the market is that reinsurance rate increases at 1/1 were more moderate than ... Read the full article
United (UPC Insurance) and HCI complete renewal rights agreement
25th January 2021
United Insurance Holdings Corp. (UPC Insurance) has completed its previously announced renewal rights agreement with Florida-based insurtech, HCI Group, Inc., effective January 18th, 2021. Under the terms of the agreement, UPC Insurance will transfer all of its personal lines insurance business in the states of Connecticut, New Jersey, Massachusetts, and Rhode ... Read the full article
Travelers secures more aggregate reinsurance at 1/1; raises attachment point
21st January 2021
Travelers has reported the details of its January 1st, 2021 catastrophe reinsurance renewals, revealing an increase in coverage under the firm's property aggregate catastrophe excess-of-loss reinsurance treaty. Back in 2019, Travelers added a new $500 million property aggregate cat treaty to provide it with reinsurance protection for smaller, frequency type events. Designed ... Read the full article
Underlying profitability expected to improve for reinsurers in 2021: Fitch
21st January 2021
With rate rises across the vast majority of reinsurance lines of business poised to outpace both loss cost inflation and the challenges of the lower for longer interest rate environment, re/insurers' underlying profitability should improve in the year ahead, according to analysis by Fitch Ratings. Although described by some in the ... Read the full article
Casualty renewals see underwriting tighten against stress factors: GC
21st January 2021
Reports from re/insurance broker Guy Carpenter (GC) show that casualty reinsurance renewals varied widely at January 1, 2021, with negotiations influenced by individual circumstances such as loss experience, covered lines and classes written. But despite this divergence, analysts believe that every placement experienced some degree of continued reinsurance underwriting rigor. This trend ... Read the full article
CCR Re successfully renews 157 Re reinsurance sidecar for 2021
18th January 2021
French state-owned reinsurer CCR Re has announced the successful renewal of its 157 Re collateralised reinsurance sidecar for 2021 at an undisclosed size. With its third annual issuance, the sidecar has all of its assets invested in bonds issued by the European Bank for Reconstruction and Development (EBRD). According to CCR Re, ... Read the full article
Return on capital to improve for reinsurers but price improvements to fade: Fitch
14th January 2021
Although Fitch Ratings expects the return on capital of the reinsurance sector to improve notably in 2021, analysts warn that price improvements are likely to "gradually fade" over the next 12-18 months on the back of ample capital and an elevated risk appetite. As expected, the reinsurance market continued to firm ... Read the full article
Conduit Re’s GWP in line with plan at 1/1; Lancashire’s Whelan joins as CFO
14th January 2021
Newly-launched property and casualty reinsurer Conduit Re has reported that it wrote gross premiums of $160 million at the January 1st, 2021 reinsurance renewals as pricing and terms and conditions fell in line with expectations. Highlights of the firm's 1/1 renewals includes GWP in line with plan and consisting of a ... Read the full article
Traditional reinsurer capital ended Q3 at new high of USD 533bn: Aon
12th January 2021
Global dedicated reinsurer capital rebounded to its pre-pandemic high of USD 625 billion by the end of Q3 2020, aided by continued capital market recovery and capital raises, reports insurance and reinsurance broker Aon. At the end of the third-quarter of 2020, traditional reinsurance capital reached a new high of USD ... Read the full article
Overall cat bond offerings at 1/1 continued to attract significant capital: GC
11th January 2021
Guy Carpenter analysts have reported that overall catastrophe bond offerings during the recent Janurary renewals continued to attract significant capital, while syndicated sidecar and collateralised reinsurance strategies experienced limited new inflows of capital. January 1 allocations were said to have been complicated by Covid-driven year-end loss reserve “buffering” and a high ... Read the full article
QBE increases cat reinsurance tower at Jan 1st renewals
11th January 2021
Australian insurer and reinsurer, QBE Insurance Group Limited, has increased the size of its main catastrophe reinsurance tower by roughly 3% to $3.4 billion for 2021. The re/insurer has now completed its Jan 1st, 2021 reinsurance renewal, noting that the program was placed broadly in line with expectations and at terms ... Read the full article