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.
Hard market likely to persist in reinsurance as lack of capital inflows ensures discipline: BofA
12th July 2023
Europe's big four reinsurers stand to benefit from a continuation of favourable market conditions in 2024 on the back of strong outcomes at the mid-year renewals, driven in part by the lack of new capital inflows in the current hard market cycle, according to analysts at BofA Securities. In contrast to ... Read the full article
Berkshire gets giant $1bn share of Florida Citizens reinsurance renewal
11th July 2023
Florida’s Citizens Property Insurance Corporation has completed the placement of its 2023 risk transfer program, securing just over $2.98 billion of protection from a mix of traditional and collateralised reinsurers for its Coastal and Personal Lines (PLA) accounts, of which more than $1 billion was secured from Berkshire Hathaway. As well ... Read the full article
Florida’s insurance market overcomes challenges and shows signs of growth: Aon
10th July 2023
Florida's insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state's insurers, according to Aon's Reinsurance Market Dynamics report. Despite worries following Hurricane Ian about a possible shortage of capacity for Florida-based insurers, catastrophe reinsurance capacity was accessible during the mid-year renewal, ... Read the full article
IAG purchases less aggregate reinsurance with higher attachment point at renewal
7th July 2023
Australian insurer IAG has confirmed the completion of its whole-of-account quota share arrangement, aggregate reinsurance and third/fourth event covers for the financial year ending June 30th, 2024. The primary insurer has adjusted its aggregate reinsurance coverage for FY24 in light of current reinsurance market conditions. This year, IAG has secured aggregate reinsurance ... Read the full article
Increased pressure from reinsurers to place cyber separately at renewals: Gallagher Re
6th July 2023
According to Gallagher Re's 1st View report, cyber insurance carriers continued to explore standalone cyber placements at the mid-year renewals in response to increasing pressure from reinsurers. Gallagher's report also noted that incumbent reinsurance markets continued to grow following improved rate and portfolio optimisation across cyber insurance risk, building on the ... Read the full article
Improved timing & concurrence at mid-year renewals: Guy Carpenter
5th July 2023
Broader market trends seen at January 1 continued at mid-year renewals, but with improved timing and concurrence around terms and conditions, according to Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan. Guy Carpenter suggested that while property pricing saw continued risk-adjusted rate increases in ... Read the full article
Stability prevails in intl. liability and professional lines renewals: Gallagher Re
5th July 2023
In the realm of international liability and professional lines, the recent renewals unfolded with relative calm, indicating stability in the market, according to Gallagher Re's 1st View renewals report on International Casualty. The majority of renewals were concentrated in Australia and New Zealand, with only a few in Europe. This commentary ... Read the full article
Mid-year retrocession renewals reflect orderly market conditions: Gallagher Re
4th July 2023
In the global non-marine retrocession market, mid-year renewals have exhibited a greater sense of orderliness compared to the dislocation witnessed during January 1, according to Gallagher Re's 1st View renewals report. Market participants benefited from increased clarity on business plans, improved inwards rating environment, and a better understanding of market requirements. These ... Read the full article
Suncorp adjusts reinsurance program & drops aggregate XoL protection amid hardening market
4th July 2023
Brisbane headquartered insurer Suncorp has adjusted its reinsurance program structure for the 2024 fiscal year in light of material market hardening, reducing the top of the tower by $400 million at the same time as increasing the retention by $100 million, and opting against the renewal of its aggregate excess ... Read the full article
Property cat loss hit rates in Florida up 30-40% in mid-year renewal: Gallagher Re
3rd July 2023
Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals. Within the report, the broker highlighted the United States property market at the renewals. One notable figure was that catastrophe loss hit business in Florida increased 30-40%, ... Read the full article
Expectations “much better managed” at July renewals: Gallagher Re’s Vickers
3rd July 2023
Gallagher Re's James Vickers, Chairman International, has asserted that the July renewals were “much better managed” and “stable”, as the pricing and structural market dynamics that defined 1.1 continued, with mid-year placements catching up and aligning with prevailing market undercurrents. Speaking to Reinsurance News alongside the release of Gallagher Re’s ... Read the full article
Continued pricing and structural dynamics at July reinsurance renewals: Gallagher Re
3rd July 2023
Gallagher Re, the global reinsurance broker, has released its latest 1st View renewals report, highlighting the trends and dynamics at the July 1 reinsurance renewals, which indicates a continuation of pricing and structural dynamics similar to those observed during the January 1 and April 1 renewal periods. Despite significant year-on-year increases, ... Read the full article
Capacity stable at Australia & NZ mid-year renewals as insurers adjust to higher retentions: Aon
30th June 2023
Insurers in Australia and New Zealand are adjusting to higher net retentions as reinsurers continue to move away from frequency risk amid consecutive years of heavy major catastrophe losses in the region. But despite the headwinds and increased demand for protection, capacity was stable and sufficient thanks to the support ... Read the full article
Ample property cat reinsurance capacity available as order returned at mid-year renewals: Aon
29th June 2023
A sense of order returned to reinsurance renewals at the mid-year, helped by the catastrophe reinsurance market finding a new equilibrium with ample capacity available for property cat risks, according to insurance and reinsurance broker Aon. The broker's June and July 2023 Reinsurance Market Dynamics report dissects the mid-year renewals season, ... Read the full article
Assurant places $1.3bn cat program with higher first event retention
23rd June 2023
Assurant has finalised its 2023 property catastrophe reinsurance program, successfully placing $1.28bn in loss coverage within its main US program, which compares to the $1.16bn the specialty insurer placed in 2022. At the same time, the company has maintained a $125m retention for a first event, with retention level dropping ... Read the full article
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