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.

No hard markets but 1/1 rate momentum expected to continue: AXIS CEO

13th February 2018

Albert Benchimol, the President and Chief Executive Officer (CEO) of insurer and reinsurer AXIS Capital Holdings Limited, isn't anticipating hard markets of the past but does expect rates in the reinsurance sector to improve throughout 2018. Global insurers and reinsurers are now reporting their fourth-quarter and full-year 2017 results, and during ... Read the full article

Rate improvements to continue in 2018: Munich Re CFO, Schneider

9th February 2018

Jorg Schneider, the Chief Financial Officer (CFO) of reinsurance giant Munich Re, is anticipating further and increased rate improvements at the upcoming April and mid-year renewals, owing to a stronger element of the business being non-proportional and natural catastrophe focused. Speaking during the Germany-based reinsurer's fourth-quarter 2017 earnings call, Schneider noted ... Read the full article

U.S. P/C sector to record $29.3bn underwriting loss in 2017: A.M. Best

9th February 2018

Global financial services ratings agency, A.M. Best, expects the U.S. property and casualty (P/C) sector to record a net underwriting loss of $29.3 billion in 2017 on the back of a $6.5 billion loss in 2016, driven by the high level of catastrophe losses experienced in the third and fourth-quarter. 2017 ... Read the full article

Jan 1st renewals complex but successful, says Everest Re’s John Doucette

9th February 2018

Bermuda-based reinsurer Everest Re has noted the combination of disruptive forces as the market approached January 1st, 2018, resulting in a complex renewal season for the reinsurance industry, underlined by the continued and growing influence of alternative capital and the market impact of 2017 catastrophe events. Speaking during the reinsurer's recent ... Read the full article

SCOR grows book at renewals, with focus on U.S. and UK

8th February 2018

French reinsurance company SCOR has increased the size of its underwriting book by 3.7% at the January renewals, with premium growth largely driven by the United States and the United Kingdom, with U.S. catastrophe risk a factor. SCOR grew its P&C reinsurance renewal premiums by 3.7% at the January 2018 renewals, ... Read the full article

Hannover Re says renewals give it a “solid platform” for 2018

7th February 2018

After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article

RenRe CEO optimistic for continued, positive rate momentum in 2018

6th February 2018

An understanding in the reinsurance market that further rate enhancement is needed for protection will be "the backbone for discipline" as the sector moves towards mid-year renewals, according to Kevin O'Donnell, Chief Executive Officer (CEO) of RenaissanceRe Holdings (RenRe). As expected, reinsurance rates increased at the January 1st, 2018 renewals season ... Read the full article

Munich Re’s operating profit falls in 2017 but reinsurer expects continued market improvement

6th February 2018

Reinsurance giant Munich Re has reported profit of €538 million for the fourth-quarter of 2017 and €392 million for the full-year, while high natural catastrophe losses saw its operating result for the year decline to €1.24 billion from more than €4 billion in 2016. The group's gross written premiums in 2017 ... Read the full article

KBW confirm “cautious” stance on Bermudians following renewals disappointment

2nd February 2018

Keefe Bruyette & Woods (KBW) confirmed their previous “cautious” stance on Bermudians amidst January renewals that showed weak industry-wide pricing power. Analysts cited a disappointing renewal season, with a risk-adjusted average rate increase of about 5% - which dashed expectations for Bermudians after the massive $136-140 billion of estimated 2017 catastrophe ... Read the full article

Capital efficiency strategies drive alternative capital interest: GC Securities

30th January 2018

The collateralized reinsurance and retrocession markets continue to expand despite the impacts of 2017 catastrophe events, as capital management and capital efficiency strategies drive interest in insurance-linked securities' (ILS) mechanisms, according to GC securities, the capital markets and ILS arm of reinsurance broker Guy Carpenter. In a discussion with Reinsurance News around ... Read the full article

Reinsurers’ pricing outlook to improve into 2018: J.P. Morgan

30th January 2018

2018 could bring the much-awaited upswing for the reinsurance sector, with prices potentially increasing further into the year improving the pricing outlook after a 1/1 renewal season in which rate increases were broader than expected, according to J.P. Morgan. Analysts are optimistic that pricing appears to have stopped falling in essentially ... Read the full article

Modest rate increases for loss-affected U.S. lines, small improvements elsewhere: Fitch

25th January 2018

Global reinsurance pricing at the January 1st, 2018 renewals season saw modest rate increases in response to significant catastrophe loss activity in the second-half of 2017, with the biggest improvements occurring in loss-affected U.S. lines, notes Fitch Ratings. Unsurprisingly, property catastrophe rates in the U.S. experienced the biggest rate increases at ... Read the full article

Reinsurance rate increases to continue throughout 2018: S&P

25th January 2018

Global ratings agency Standard & Poor's (S&P) expects average rate increases of between 0% to 5% across the board in the reinsurance industry throughout 2018, maintaining the momentum seen at the January 1st renewals. S&P notes that following the high level of catastrophe losses in 2017, reinsurance pricing increased, on average, ... Read the full article

E&S renewal rates could rise 20% to 30% on loss affected accounts: Guy Carpenter

19th January 2018

The U.S. excess & surplus (E&S) lines property catastrophe reinsurance renewals in the second-quarter of 2018 could see rate increases of as much as 20% or 30%, for certain loss affected accounts, according to broker Guy Carpenter. Discussing the state of the excess and surplus (E&S) lines segment of the re/insurance ... Read the full article

Reinsurance market demonstrates its resilience at 1/1: Guy Carpenter

18th January 2018

Commenting on the state of the global reinsurance market after the key January reinsurance renewals, broker Guy Carpenter notes how resilience the market has been and that little in the way of capital has evaporated despite the major losses of last year. In fact, Guy Carpenter's analysis shows that reinsurance capital ... Read the full article