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.

Universal to maintain catastrophe retention and increase reinsurance cover

30th April 2018

Jon Springer, President and Chief Risk Officer (CRO) of Universal Insurance Holdings has indicated that the company plans to maintain its current level of catastrophe retention and increase its reinsurance cover, while at the same time spending less than in prior years. Speaking during Universal’s Q1 2018 earnings call, Springer also ... Read the full article

The current reinsurance market is unsustainable, warn industry execs

30th April 2018

Put simply, the current state of the reinsurance market is unsustainable, and as the ability to subsidise margins with reserve releases diminishes, the sustainability of the overall insurance and reinsurance marketplace needs to be given some thought. This is according to industry experts and executives that spoke with A.M. BestTV at ... Read the full article

Lloyd’s market to benefit from further rate hikes at mid-year: RBC Capital Markets

25th April 2018

Pricing is beginning to show signs of turning for the Lloyd's of London market, bringing the promise of a margins recovery after January renewals were up in total by 5-7% year-on-year, with further increases forecast in U.S. loss affected business at mid-year renewals, according to RBC Capital Markets. Lloyd's experienced over ... Read the full article

Reinsurance pricing stable to positive following costly nat cat year: Moody’s

18th April 2018

Moody’s has reported that January 1 reinsurance price renewals were lower than the market expected following a year of substantial natural catastrophe losses, but still expects reinsurers’ profitability to improve modestly based on rate increases, efficiency initiatives, and slowly rising interest rates. Costly disasters in 2017 like the series of Atlantic ... Read the full article

Market transition underway, but who knows if rate firming will persist: Chubb’s Greenberg

13th April 2018

After years of falling rates in the global property and casualty (P&C) industry, prices are starting to firm in some areas in response to 2017 catastrophe events, although it remains unclear just how long the positive rate momentum will last, according to Evan Greenberg, the Chairman and Chief Executive Officer ... Read the full article

Property capacity remained strong at April 1st renewals: Willis Re

11th April 2018

Broker Willis Re has reported that capacity for the property sector remained strong, both in the U.S and globally, despite April 1st renewal price increases being lower than anticipated. In its latest reinsurance renewals report, Willis Re found that April 1st renewal price increases were tempered by weak increases at January ... Read the full article

Renewal pricing “broadly flat” at April 1st: Willis Re

3rd April 2018

Reinsurance renewal pricing was seen as "broadly flat" at the April 1st contract negotiations, as the reinsurance market continued to be affected by excess levels of capital and pricing as a result has disappointed reinsurers, according to broker Willis Re. In its latest reinsurance renewals report, broker Willis Re explains that ... Read the full article

Analysts predict increases in P&C reinsurance pricing and demand

12th March 2018

Insurance and reinsurance Industry analysts Keefe, Bruyette & Woods (KBW) and Morgan Stanley have suggested that the outlook for property and casualty (P&C) reinsurance is positive both in terms of pricing and demand. KBW notes that, although January 1st 2018 reinsurance rates were below most companies’ post-Q3 2017 expectations, reinsurance pricing ... Read the full article

Heritage sees reinsurers offering flat mid-year renewal rates: CEO Lucas

9th March 2018

Speaking during the firm's fourth-quarter 2017 earnings call, Chairman and Chief Executive Officer (CEO) of Heritage Insurance Holdings, Inc., Bruce Lucas, highlighted the Floridian carrier's unique position in the market that has seen its reinsurers offer flat rates for hundreds of millions of dollars of limit. After the devastating impacts of ... Read the full article

Reinsurers’ set for profitability gains in 2018: Moody’s

2nd March 2018

Reinsurers are set for a promising year of increased profitability driven by price increases during annual policy renewals and lower capital levels following 2017's significant underwriting losses. Moody's expects significant catastrophe losses in 2017 to prompt further price increases in 2018, as already seen at the January 1st, 2018 renewals season. Many ... Read the full article

Average global insurance pricing increased by 0.8% in Q4: Marsh

1st March 2018

Record-setting catastrophe losses in 2017 sparked hopes of a bottoming out of the soft market cycle and although re/insurance renewal rates trailed expectations, Q4 2017 saw a reversal of the trend of declining rates as global insurance industry prices increased for the first time in four years, according to Marsh ... Read the full article

Skuld reveals 9.4% growth in 2018 P&I renewals

26th February 2018

Marine insurer Skuld has revealed a 9.4% net increase in mutual P&I gross tonnage from 2017 to 2018 following January renewals which completed on 20th February. Skuld's continued growth in the January renewals brings its mutual P&I tonnage to 92 million gross tonnes (GT), and includes committed tonnage for delivery throughout 2018. Ståle Hansen, ... Read the full article

Hiscox expects continued rate momentum, eyes growth in 2018

26th February 2018

In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article

UK insurers seek to improve portfolio quality following challenging renewals

26th February 2018

Although the UK insurance market place remains strongly capitalised, insurers are seeking to improve the overall quality and risk-adequacy of their portfolio in an environment where rate increases following record losses in 2017 often failed to materialise as expected beyond loss-affected lines, according to Willis' 2018 market place realities report. Clyde ... Read the full article

Rate rises not sufficient for TransRe to grow its book significantly

22nd February 2018

Reinsurer Transatlantic Holdings (TransRe), part of the Alleghany Corporation, did not find the rate rises at the January renewals sufficient for it to greatly increase its risk appetite and expand its underwriting book. TransRe saw pricing in both the property and casualty reinsurance markets as improved in the fourth-quarter of 2017, ... Read the full article