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.

Hannover Re CEO “not very optimistic” on Florida renewals

18th May 2018

Ulrich Wallin, the Chief Executive Officer (CEO) of global reinsurer Hannover Re, isn't very optimistic on the Florida renewals owing to the substantial availability of capacity that continues to drive a supply / demand imbalance, in spite of 2017 catastrophe events. Speaking during the firm's first-quarter 2018 earnings call, the CEO ... Read the full article

Heritage CEO Lucas praises comprehensive reinsurance program

18th May 2018

Bruce Lucas, the Chairman and Chief Executive Officer (CEO) of Heritage Insurance Holdings, has hailed the firm's comprehensive reinsurance program after recoveries from its capacity providers helped offset storm losses in the first-quarter of 2018. Speaking during the insurer's first-quarter 2018 earnings call, Lucas explained how its "comprehensive" reinsurance program further ... Read the full article

Rates won’t strengthen further, but equally won’t go backwards: Lancashire CEO

16th May 2018

Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, Alex Maloney, doesn't expect rates for the firm's book to get any stronger from here unless loss activity picks up, but also doesn't see rates going backwards. Lancashire Holdings has now reported its first-quarter 2018 results, reporting minimal loss activity and positive ... Read the full article

Fierce competition leads to buyers market for cyber re/insurers: Fitch

16th May 2018

Profitable results in the fast-growing cyber space have led to fierce competition and a buyers market, with renewal rates expected to suffer, according to Fitch Ratings. Fitch observed that cyber continues to represent a significant growth opportunity for U.S property & casualty (P&C) re/insurers, driven by increasingly high-profile cyber-attacks and regulatory requirements. In ... Read the full article

TWIA targets $1.4bn reinsurance for 2018, as it raises Harvey loss estimate

14th May 2018

The Texas Windstorm Insurance Association (TWIA) is targeting $1.4 billion of reinsurance protection for the 2018-2019 Atlantic hurricane season, from a combination of both the traditional and alternative reinsurance markets, and has also increased its loss estimate for hurricane Harvey to $1.61 billion. TWIA, the residual market property insurer for the state ... Read the full article

Positive reinsurance pricing trends likely unsustainable, warns Fitch

11th May 2018

Fitch Ratings has predicted that the positive reinsurance pricing trends of the January and April renewals are unlikely to be sustainable in the long-term, with price increases expected to level out at upcoming mid-year renewals. Reinsurance pricing finally bottomed out and turned positive in response to the record-breaking catastrophe losses in ... Read the full article

United secures increased frequency & severity cover at reinsurance renewal

11th May 2018

United Insurance Holdings (UPC Insurance) has announced the completion of its 2018 catastrophe reinsurance program, which includes greater frequency and severity protection and an increased, overall program exhaustion point excess of $3.1 billion. The 2018 reinsurance program, that protects UPC Insurance, via subsidiaries American Coastal Insurance Company, United Property and Casualty ... Read the full article

There will be opportunities for continued price firming: Swiss Re CFO

10th May 2018

John Dacey, the Group Chief Financial Officer (CFO) of global reinsurer Swiss Re, noted improved rates in P&C business following the catastrophe events of 2017, but stressed an expectation that the market should have reacted stronger than it did, speaking during the firm's Q1 2018 earnings call. As global insurers and ... Read the full article

Weak pricing outlook for mid-year renewals, says Arch CEO

9th May 2018

Marc Grandisson, President and Chief Executive Officer (CEO) of Arch Capital Group, has predicted that pricing trends at the mid-year renewals are likely to remain flat or even decrease, largely due to industry posturing. Speaking during the company's Q1 2018 earnings call, Grandisson explained that at the recent April 1 renewals ... Read the full article

Hannover Re expecting to surpass P&C Re strategic growth target

8th May 2018

Germany-based reinsurer Hannover Re expects to surpass its strategic growth target for its overall property and casualty (P&C) reinsurance business, driven in part by increased demand in structured reinsurance. The reinsurer recently announced its first-quarter 2018 results, which revealed solid premium growth enabled by taking advantage of improved reinsurance market conditions ... Read the full article

Aspen seeing mid-year rate increases of up to 7.5%: CEO, O’Kane

8th May 2018

Aspen Re, the reinsurance segment of Bermudian re/insurance group Aspen Insurance Holdings Limited, saw rate increases of 5.3% in the first-quarter of 2018, and while rates moderated at the April renewals, the firm's already seeing increases of up to 7.5% for loss-affected accounts incepting in June. Aspen's first-quarter results commentary is ... Read the full article

Little prospect of rate improvement at mid-year renewals: Hiscox

8th May 2018

Having said before that it expected rate momentum to continue through 2018, global insurance and reinsurance firm Hiscox has now changed its tune, saying that it sees "little prospect of rate improvement" for the rest of this year. In February, the Hiscox management suggested that they were anticipating further rate ... Read the full article

Hannover Re starts 2018 with solid premium growth

7th May 2018

German reinsurance firm Hannover Re has begun 2018 with solid growth in premiums underwritten, as the firm took advantage of better market conditions to create a much larger portfolio for the year ahead. Across the business, Hannover Re reported a 17.6% increased in premiums underwritten for the quarter, a figure which ... Read the full article

SCOR “looking forward” to mid-year, expects confirmation of positive trends

4th May 2018

French insurer and reinsurer SCOR remains on track to deliver growth in 2018, and with the insights of the January and April renewals, is looking forward to mid-year when it expects further confirmation of positive trends. For the first-quarter of 2018 SCOR recorded net income of €166 million, up almost 17% ... Read the full article

AXIS CEO notes subdued reinsurance market as primary growth continues

2nd May 2018

Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, remains cautiously positive on the outlook for the sector and believes the market is "simply too stressed to give up any more pricing." Commenting on both insurance and reinsurance rate movements during ... Read the full article