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.
AIG to increase Validus Re investment after “compelling” 1/1: CEO Zaffino
17th February 2023
AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has said that his company plans to “increase investment” in its assumed reinsurance business in 2023, particularly through Validus Re, following a “compelling” January renewal period. Speaking during an earnings call this week, Zaffino noted that AIG via its reinsurance units was ... Read the full article
SSRU renews P&C facilities with improved terms during challenging market
16th February 2023
Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”. The MGA’s property capacity ... Read the full article
AIG’s reinsurance spend up by less than 10% at “successful” renewal: CEO Zaffino
16th February 2023
AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has disclosed details of his company’s experience at the recent January reinsurance renewal period, which he says proved “exceptionally successful” given challenging market conditions. Specifically, he says AIG increased its overall spend by “less than 10%” on an absolute and risk adjusted ... Read the full article
TWIA confirms discussions are underway with reinsurers for 2023 renewal
15th February 2023
The Texas Windstorm Insurance Association (TWIA) has commenced discussions with its reinsurance partners as it looks to secure up to $2.92 billion in coverage for the upcoming storm season, across traditional reinsurance and catastrophe bonds. During a board meeting held yesterday, Jim Murphy, Chief Actuary, said that TWIA's "begun setting up ... Read the full article
APAC region continues to present re/insurers with growth opportunities: Aon’s Attard
13th February 2023
The Asia-Pacific (APAC) region continues to present insures with diversification and growth opportunities, states George Attard, CEO, Reinsurance Solutions, Asia Pacific, Aon. Attard explains that the 1/1 renewal marks a “turning point” for the global reinsurance sector, and one that should put the market on a more “sustainable footing going forward.” “We ... Read the full article
Growing opportunities and portfolio diversification at upcoming renewals: Everest Re
13th February 2023
With the completion of the January 1 renewals, Everest Re has headed into 2023 with an improved portfolio and expanded margins, said the re/insurer’s President and Chief Executive Officer, Juan Andrade. Looking forward to future opportunities at upcoming renewals, Andrade noted that the firm expects reinsurance pricing momentum to continue, as ... Read the full article
Zurich drops agg reinsurance cover, adds quake & top cat layers
10th February 2023
Zurich Insurance Group has disclosed details of its reinsurance renewals for 2023, which include a decision to drop its global aggregate catastrophe treaty, as well as the addition of a US quake layer and a new top catastrophe layer. The company’s aggregate cover had previously provided it with $250 million of ... Read the full article
Global property cat rates-on-line up 27.5% at Jan 1 renewals: Guy Carpenter
10th February 2023
Global property catastrophe reinsurance rates-on-line increased by 27.5% at the January 1st, 2023, renewals, more than double the uplift seen a year earlier, as sellers of protection achieved steep price rises on contracts. The Guy Carpenter Global Property Catastrophe Rate-On-Line Index leverages data sourced from real, brokered excess-of-loss reinsurance placements, ... Read the full article
COVID losses in APAC could strain A&H reinsurers: Gallagher Re
9th February 2023
Analysts at Gallagher Re have warned that new COVID-19-related losses emanating from the Asia-Pacific region may put a strain on first-tier accident and health (A&H) reinsurers through 2023. The broker expects that the majority of these losses will be contained locally, but it does believe that the Lloyd’s market is likely ... Read the full article
Cincinnati Financial increases cat event retention at Jan renewals
8th February 2023
Steve Johnston, Chairman and CEO of Cincinnati Financial Corporation, has disclosed that the firm increased its cat event retention to $200m at the January reinsurance renewals. The news comes from the firm's Q4 earnings call, where Johnston noted that on January 1st, Cincinnati Financial again renewed each of its primary property/casualty ... Read the full article
Less remedial action expected at upcoming renewals: SCOR’s Conoscente
8th February 2023
Jean-Paul Conoscente, P&C Chief Executive Officer (CEO) at SCOR, has said there “may not be as much remediation needed” at the upcoming April and mid-year renewals, when compared to the actions that were required during the January period. SCOR saw an overall decline in estimated gross premium income (EGPI) of ... Read the full article
Hannover Re achieves better prices & conditions at Jan 1 reinsurance renewals
8th February 2023
German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 8.0% in the 1 January 2023 treaty renewals in traditional property and casualty reinsurance. Hannover Re suggests that the market environment at the renewals was challenging for all, citing Russia's war against ... Read the full article
European property cat rates-on-line increased 30% at January renewals: Guy Carpenter
7th February 2023
Data from global reinsurance broker Guy Carpenter shows that property catastrophe rates-on-line in Continental Europe increased by 30% at the January 1st, 2023, renewals, marking the largest single rise since 2001. This is according to Guy Carpenter's Continental Europe Property Catastrophe Rate-On-Line Index, which shows that the average rate-on-line for ... Read the full article
SCOR shrinks in P&C by 20% at Jan renewals as it targets better technical profitability
7th February 2023
Insurer and reinsurer SCOR saw an overall decline in estimated gross premium income (EGPI) of -12% for renewed business at the January 1st, 2023, reinsurance renewals, as the firm further reduced its exposure to natural catastrophe risks, and looked to optimise capital allocation by line and client. SCOR notes a renewal ... Read the full article
Aviation market had “most challenging renewal” in over two decades: Aon
6th February 2023
Analysts at Aon have said that the aviation market experienced its most challenging renewal in over two decades at 1/1, with significant rate increases and coverage restrictions. In a new report on January reinsurance market dynamics, the broker noted that insurers with reinsurance renewals in 2023 face an “uncertain market”, with ... Read the full article
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