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.

Premium renewal rates stay on upward trend in February: IVANS

9th March 2020

The February results of the IVANS Index, a division of Applied Systems, show that nearly all lines of business experienced an increase in average premium renewal rate year-over-year. Compared with the previous month, Commercial Auto and Commercial Property lines saw the greatest average rate increases, while Umbrella had the most significant ... Read the full article

Fednat’s reinsurance spend up $8mn per quarter, says CEO

6th March 2020

Florida based primary insurer FedNat is currently working through an $8 million per quarter increase in its reinsurance spend, according to CEO Mike Braun. Speaking in an earnings call alongside the release of the company’s 2019 results, Braun said that FedNat had seen substantial rate increases in the reinsurance market in ... Read the full article

Capitalisation to remain strong, reinsurers to be more cautious: KBRA

27th February 2020

Traditional reinsurance companies are expected to report strong levels of capital at year-end 2019 and while capitalisation is likely to remain adequate throughout 2020, reinsurers are expected to become more cautious, according to Kroll Bond Rating Agency (KBRA). The recovery in the capital markets through the first nine months of 2019 ... Read the full article

Concentration of rising prices limits positive influence on profits: Moody’s

27th February 2020

Analysts at Moody's have said that the outcome of the January 1st, 2020 reinsurance renewals are in line with expectations, and, has noted that the concentration of price hikes is limiting any positive impact on profitability for market players. Financial services ratings agency, Moody's is the latest to comment on the ... Read the full article

Skuld achieves 4.6% growth in 2020 P&I renewals

27th February 2020

Marine insurer Skuld has achieved a 4.6% net increase in mutual P&I tonnage from 2019 to 2020, following the renewals that completed on February 20th. Skuld’s continued growth at the renewals brings its mutual P&I tonnage to 95.3 million gross tonnes (GT). In addition to the mutual P&I business, growth was also ... Read the full article

AXA looks to address AXA XL volatility with additional reinsurance

20th February 2020

In an effort to minimise earnings volatility within its commercial insurance and reinsurance arm, AXA XL, French insurer AXA has purchased some additional reinsurance covers. The global insurer and reinsurer today announced its results for 2019, reporting a higher net income and elevated total revenues within AXA XL. However, while AXA ... Read the full article

TWIA raises 2020 reinsurance target to $2.1 billion

19th February 2020

The Texas Windstorm Insurance Association (TWIA) has increased its target amount of reinsurance protection for the 2020 catastrophe year to $2.1 billion, with the Board directing TWIA staff to place a mix of traditional reinsurance and catastrophe bond protection. In December of last year, TWIA said that it expects to ... Read the full article

Consensus around “significant” price movement at Japan renewals: JMP

19th February 2020

Following meetings with insurers, reinsurers and brokers JMP Securities analysts are anticipating significant positive pricing change in Japan’s upcoming April 1 renewals, roughly twice the magnitude seen in 2019. JMP notes that, while pricing changes will vary substantially by both layer of a program and by individual cedant, a surprising amount ... Read the full article

AIG continued to refine & enhance reinsurance use at 1/1

14th February 2020

Global insurer and reinsurer AIG continued to refine and enhance its reinsurance buying strategy at the recent Jan 1st, 2020 renewals, securing an improved catastrophe reinsurance program at a lower cost when compared with the previous year. In recent times, AIG has made some significant changes to its use of ... Read the full article

Everest Re is optimistic but mindful of “choppy waters”, says John Doucette

13th February 2020

John Doucette, EVP, President and Chief Executive Officer (CEO) of Reinsurance at Bermuda-based Everest Re, has said that despite improving reinsurance market conditions, the company remains realistic that there are "choppy waters to navigate". Global reinsurer Everest Re announced recently improved year-on-year net income of $217.6 million for the fourth-quarter ... Read the full article

Analysts lower Munich Re’s FY19E net income by 8%

12th February 2020

Analysts at J.P. Morgan expect reinsurance giant Munich Re's property and casualty (P&C) segment to fall to an underwriting loss in the fourth-quarter of 2019, while the firm's Life reinsurance division is expected to produce a below run-rate quarter. Overall, analysts expect that Munich Re will report a combined ratio of ... Read the full article

B3i’s blockchain platform places 30 reinsurance contracts at 1/1

12th February 2020

The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article

Late reinsurance renewals signal supply-demand imbalance: KBW

7th February 2020

Analysts at KBW have observed a supply-demand imbalance at the January 1 reinsurance renewals, which they believe will persist throughout 2020, especially for loss-impacted property catastrophe accounts. The firm noted that reinsurance renewals were later than normal this year, including some placements that were not completed by year-end. Pricing trends are considered ... Read the full article

ARPC extends top layer of retro reinsurance program for 2020

7th February 2020

The Australian Reinsurance Pool Corporation (ARPC), the Australian government's terrorism reinsurance agency, has announced that it has secured a larger retrocession reinsurance program for the 2020 calendar year. The ARPC has secured AUD 3.45 billion (USD 2.33 billion) of retrocession reinsurance protection at a reduced rate for 2020, up on ... Read the full article

RenRe could pull back in Florida if rates stay low, says CEO

7th February 2020

RenaissanceRe could further reduce its exposure to Florida domestic companies if rate increases do not meet the companies return hurdles this year, according to its President and CEO, Kevin O’Donnell. Speaking in an earnings call alongside the release of RenRe’s Q4 and 2019 results, O’Donnell warned of “substantial structural issues” ... Read the full article

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