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Reinsurance News

Reinsurance renewals

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.

The opportunity to show pricing discipline has arrived: Hiscox Re’s Szakmary

21st March 2019

With the reinsurance industry now having taken time to reflect on the catastrophe losses of the previous two years and re-evaluate where the baseline for rate adequacy lies, the opportunity has arrived for participants to work together and show pricing discipline. This is according to Adam Szakmary, Director of Underwriting – ... Read the full article

Loss hit P&C insurance rates in Asia to increase by at least 10% in 2019: WTW

20th March 2019

Willis Towers Watson (WTW), the global insurance and reinsurance brokerage, expects large catastrophe loss-affected property and casualty (P&C) insurance rates in Asia to increase by at least 10% through 2019. The international broker has released its 2019 Asia insurance market report, which includes key insurance rate predictions for the current year. Looking ... Read the full article

Re/insurers to benefit from specialty & investment tailwinds: Peel Hunt

18th March 2019

Rising specialty insurance rates and higher investment income due to an increase in U.S interest rates are expected to provide a welcome tailwind to the re/insurance industry in 2019, according to analysts at Peel Hunt. The firm also anticipates a stable reinsurance market ahead of the Japan and U.S renewals in ... Read the full article

Experts cautiously optimistic on April & mid-year renewals: AIFA

8th March 2019

Experts are generally expressing cautious optimism about the prospects for reinsurance rate increases at the upcoming April and mid-year renewals, according to analysts attending the Association of Insurance and Financial Analyst (AIFA) Conference this week. The Buckingham Research Group noted that there was meaningful optimism on the upcoming renewals despite some ... Read the full article

90% FHCF participation will have a “positive impact on reinsurance pricing,” Heritage CEO

5th March 2019

Heritage Insurance Holdings, Inc. has doubled its Florida Hurricane Catastrophe Fund (FHCF) participation to 90%, a move the insurer expects others to follow and one that is likely to have a very positive impact on reinsurance pricing, according to Chairman and Chief Executive Officer (CEO), Bruce Lucas. Speaking during the Florida ... Read the full article

Skuld’s growth continues in spite of challenging P&I market

1st March 2019

Marine insurer Skuld experienced a positive renewals with 4.3% net increases in mutual Protection & Indemnity (P&I) gross tonnage year-on-year, from 2018 to 2019, which, includes committed tonnage for delivery through 2019. Finalised on February 20th, 2019, Skuld's committed mutual P&I tonnage now stands at 95 million gross tonnes, as the ... Read the full article

Expect Floridian insurers to report loss reserve strengthening: Demotech

28th February 2019

Analysts at regional and specialty insurer-focused financial analysis firm, Demotech, Inc., expect Floridian property insurers' 2018 results to include further loss and loss adjustment expense reserve hardening. At the same time, the firm warns that regardless of any changes to the cost of catastrophe reinsurance protection, it will not relax its ... Read the full article

Rate increases at April renewals to vary widely by product & client: JMP

27th February 2019

JMP Securities is anticipating significant reinsurance pricing increases at the upcoming April 1 renewals, with increases varying by as much as 5-30% depending on product and client. After meeting with re/insurers in Japan ahead of the renewals, analysts at JMP expect average rate increases to push into the double digits, but ... Read the full article

Brit’s third-party capital hits $440m as Versutus sidecar renewed

25th February 2019

Global specialty re/insurer Brit Limited has completed the fifth annual renewal and expansion of its Versutus sidecar, bringing the total amount of third-party capital under management to $440 million. This capacity is spread across the Versutus 2019, Sussex Capital (its multi-use collateralised reinsurance PCC vehicle in the UK) and its Lloyd's Syndicate ... Read the full article

The recipe is there for a positive renewal: Addesso, Everest Re

19th February 2019

In many instances, pricing for catastrophe reinsurance business has not firmed as much as needed, but certain factors suggest a stronger market moving forward, according to Dominic Addesso, President and Chief Executive Officer (CEO) of Bermudian reinsurer, Everest Re. Everest Re fell to a net loss of more than $380 ... Read the full article

Reinsurance rates inadequate to deploy additional capital: Grandisson, Arch

15th February 2019

Despite some signs of tightening capacity within the retrocession and facultative markets, in many instances, rate levels relative to risk remain inadequate to deploy additional capital, according to Marc Grandisson, President and Chief Executive Officer (CEO) of Arch Capital Group. Speaking during the Bermuda-based insurer and reinsurer's Q4 and full-year 2018 ... Read the full article

Zurich bought more, tweaked reinsurance protection: CFO Quinn

12th February 2019

The Chief Financial Officer (CFO) of global insurer Zurich, George Quinn, recently discussed the firm's increased reinsurance purchase as it continues to tweak its protection in light of attractive pricing. Speaking during the insurer's Q4 2018 earnings call, CFO Quinn highlighted the firm's increased utilisation of reinsurance, especially around the casualty ... Read the full article

Property reinsurance rates “inexplicably flat” at 1/1, says Markel’s Whitt

11th February 2019

Richard Whitt, Co-Chief Executive Officer (CEO) and Director of Markel Corporation, has said that property reinsurance rates were “inexplicably flat” at the recent January renewals. Speaking during a company earnings call, Whitt noted that reinsurance rates were disappointing at the 1/1 renewals despite two consecutive years of heavy catastrophe losses across ... Read the full article

Investor losses drive retro pricing hikes amid flat 1/1 market: A.M. Best

11th February 2019

Large catastrophe losses and ongoing loss creep resulted in pricing hikes of up to 35% for the retrocession segment at the January 2019 renewals, as investors pushed for higher returns amid a predominantly flat rating environment, according to A.M. Best. Analysts said that property catastrophe retrocession was the brightest spot at ... Read the full article

Donegal restructures reinsurance program after heavy Q4 losses

8th February 2019

U.S primary holding company Donegal Group Inc. has restructured its reinsurance program following heavy losses in the fourth quarter of 2018 due to natural catastrophes, low investment returns, and underperformance in its personal and commercial auto lines. Donegal’s 2019 reinsurance program, which applies to its insurance subsidiaries and Donegal Mutual Insurance ... Read the full article

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