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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.

RenRe could pull back in Florida if rates stay low, says CEO

7th February 2020

RenaissanceRe could further reduce its exposure to Florida domestic companies if rate increases do not meet the companies return hurdles this year, according to its President and CEO, Kevin O’Donnell. Speaking in an earnings call alongside the release of RenRe’s Q4 and 2019 results, O’Donnell warned of “substantial structural issues” ... Read the full article

Many lines still lack price adequacy, but increases will persist: AXIS CEO

6th February 2020

Reinsurance price momentum continued at the January 1st, 2020 renewals but even with the strong rate response in certain classes, many lines are still not at attractive levels, according to Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda-based re/insurer, AXIS Capital Holdings Limited. After consecutive heavy catastrophe loss ... Read the full article

SCOR notes 2.8% pricing increase, looks to improve reinsurance profitability

6th February 2020

French reinsurer SCOR Global P&C has announced that it secured an increase in reinsurance underwriting profitability at the January 1st, 2020 renewals, which reflects a 2.8% increase in pricing. SCOR notes that trends witnessed at the important January 2020 renewals were consistent with those seen during 2019, with the firm securing ... Read the full article

Hannover Re posts 2.3% rate rise at ‘solid’ January renewal

5th February 2020

Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals ... Read the full article

Reinsurance capacity down at political risk renewals: Willis Re

28th January 2020

A decline in reinsurance capacity has helped to trigger price hardening in some quarters of the political risk and trade credit market at the January renewals, according Willis Re. The broker noted that, while there remains an abundance of headline insurance capacity in the political risk space, actual capacity is down ... Read the full article

Bermuda re/insurers set for improved pricing trends in 2020: Fitch

27th January 2020

Bermuda re/insurers are likely to see continued price firming in 2020, with surplus growth and modest gains in underwriting profits driven by organic growth opportunities and solid capital levels, according to Fitch Ratings. The rating agency noted that the market’s financial performance has recently been supported by higher unrealised investment gains ... Read the full article

Travelers renews aggregate catastrophe reinsurance under tighter terms

23rd January 2020

Travelers has successfully renewed some of its catastrophe reinsurance treaties at the January 1st, 2020 renewals, which shows that the firm is to retain a much higher share of its losses this year under changes made to its underlying property aggregate catastrophe excess-of-loss reinsurance treaty. This time last year, the ... Read the full article

Korean Re Switzerland grows portfolio by over 50% at first renewal

23rd January 2020

Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has announced the successful completion of its first reinsurance renewal on the 1st of January, 2020. The Seoul-based reinsurer established its European subsidiary as part of a push to expand in the region. The new entity was licensed to ... Read the full article

Casualty/specialty a more compelling pricing story at 1/1, says S&P

21st January 2020

Analysts at S&P Global Ratings have said that sentiment was both stronger and more broad-based in casualty/specialty lines than in the property arena at the January 1st reinsurance renewals. In U.S. non-proportional business, rate increases were substantial and ceding commissions on this business were down by as much as 3% in ... Read the full article

Reinsurance rate adequacy still needs to improve: Peel Hunt

21st January 2020

Analysts at Peel Hunt have argued that reinsurance rate adequacy still needs to improve, despite some positive momentum at the recent January renewals. The firm said that adequacy has not yet been achieved despite sharp rate increases on loss affected lines, and questioned whether pricing over the remainder of the year ... Read the full article

Rate increase story to improve through 2020, says JMP Securities

20th January 2020

The relatively "unexciting" January 1st renewal season is a reflection of the mix of accounts and contracts up for renewal, and, as the reinsurance market moves through 2020, the rate increase story will improve, according to analysts at JMP Securities. Overall, analysts highlight a relatively flat property catastrophe reinsurance market at ... Read the full article

Casualty market pressures see capacity tighten at 1/1: Guy Carpenter

17th January 2020

Casualty reinsurance capacity tightened at the recent January renewals against a backdrop of heightened litigation costs, more generous jury verdicts, and shifting attitudes in the US, according to Guy Carpenter. Analysts noted that many reinsurers were forced to adopt more cautious underwriting positions at 1/1 due to higher loss cost trends, ... Read the full article

Reinsurance pricing momentum to be carried forward in 2020: S&P

16th January 2020

Analysts at S&P Global Ratings believe that the positive reinsurance pricing momentum seen at the recent January renewals is likely to be carried forward into the other upcoming renewals in 2020. According to S&P data, global average rate increases were in the low-to-mid single digits in aggregate at the 1/1 reinsurance ... Read the full article

United grows all other perils catastrophe reinsurance at renewal

10th January 2020

United Insurance Holdings Corp. (UPC Insurance) has announced the successful renewal of its reinsurance arrangements for 2020, through its wholly owned insurance subsidiaries American Coastal Insurance Company, United Property and Casualty Insurance Company, Family Security Insurance Company, and Interboro Insurance Company. Specifically, UPC Insurance has renewed its aggregate excess of loss ... Read the full article

A disciplined renewals despite market challenges, says Aon

10th January 2020

Global insurance and reinsurance broker Aon has said that in spite of new market dynamics, programs renewed in an orderly fashion at the January 2020 reinsurance renewals season. Aon's January 2020 Reinsurance Market Outlook report highlights an orderly renewals season in most regions, adding that this occurred despite the impacts of ... Read the full article

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