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.
Florida Citizens targets $1.581bn reinsurance & cat bond renewal for 2020
4th May 2020
Florida’s Citizens Property Insurance Corporation is out in the market seeking roughly $1.581 billion of fresh reinsurance coverage from its 2020 reinsurance renewal of both traditional and catastrophe bond coverage. Our sister publication Artemis was first to report today that Florida Citizens is back in the catastrophe bond market targeting ... Read the full article
Cat reinsurers broadly optimistic about mid-year renewal pricing: KBW
24th April 2020
Catastrophe reinsurers attending the AIFA 2020 conference remain broadly optimistic about mid-year renewal pricing, with some estimated increases approaching 50% for the Japan-focused 4/1 renewals, according to analysts at Keefe, Bruyette & Woods. In addition, roughly 20% increases are expected for the Florida-focused 6/1 renewals, with the delta reflecting Japan’s significant ... Read the full article
SCOR achieves 6.6% pricing increase at April renewals
22nd April 2020
SCOR Global P&C has reported a 6.6% overall increase in pricing at the April 1 renewals, which saw the reinsurer restructure some of its catastrophe business in Japan. The company grew gross premiums up for renewal by 5.7% at constant exchange rates to €504 million, and generated a 5.4% growth in ... Read the full article
Mid-year renewals expected to be on-time: Priebe, Guy Carpenter
14th April 2020
The mid-year reinsurance renewals at June and July 1st 2020 are expected to proceed without any major issues due to the COVID-19 pandemic, as the industry prepares to negotiate via video conference, David Priebe, Chairman of Guy Carpenter told us. Speaking with Reinsurance News, the Chairman of reinsurance broker Guy Carpenter ... Read the full article
Premium renewal trends positive across Q1: IVANS
9th April 2020
Premium renewal rates continued to increase during the first quarter of 2020 for almost all major commercial lines products, according to the IVANs Index, a division of Applied Systems. The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal ... Read the full article
Organized 1/4 renewals a prudent approach in light of COVID-19: Willis Re’s Kent
7th April 2020
The majority of protection buyers started their April 1st reinsurance renewal negotiations well in advance, which, in light of the challenges driven by the COVID-19 pandemic proved to be a prescient approach, according to James Kent, global Chief Executive Officer (CEO) of Willis Re. As noted by reinsurance brokerage Willis ... Read the full article
Reinsurer appetite for catastrophe risk generally stable, says Moody’s
3rd April 2020
Disclosures of January 1st, 2020 modelled probable maximum loss (PML) figures reveals that reinsurance companies looked to take advantage of improved pricing and deployed greater levels of capital to property catastrophe risks, according to Moody's Investors Service. After heavy catastrophe loss years in both 2017 and 2018 on the back of ... Read the full article
Japan wind and flood rates up 30-50% at April renewals: Willis Re
2nd April 2020
Willis Re has reported that reinsurance rates were up by between 30% and 50% for Japanese wind and flood risk at the recent April 1 renewals. The broker said that these renewals saw higher rate increases than occurrence layers, with reinsurers applying significant pressure for restructuring. The renewals were also reported ... Read the full article
kWh Analytics closes Swiss Re-backed 32 MW Solar Revenue Put
1st April 2020
Solar risk management firm kWh Analytics has closed a Swiss Re-funded Solar Revenue Put for a portfolio of 4,000 projects totalling roughly 32 MW DC of capacity. This is the first publicly announced repeat closing with the Solar Revenue Put. It is structured as an insurance policy on solar production and PPA ... Read the full article
Loss-hit lines up +50% during a steady April reinsurance renewals: Willis Re
1st April 2020
Despite the disruption caused by the ongoing COVID-19 pandemic, reinsurers took a measured approach to the April renewals and services were provided without interruption, reports reinsurance broker Willis Re in its latest 1st View renewals report. According to Willis Re, the reinsurance broking arm of Willis Towers Watson, the global reinsurance ... Read the full article
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