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.
Key reinsurance renewals occur at: the 1st of January, which is the biggest renewal of the reinsurance year and has a broader global focus; April 1st when Japanese reinsurance renews; June 1st for Florida reinsurance renewals; and July 1st when more US reinsurance business gets renewed.
Our reinsurance renewals news covers all of these key points in the year and we also provide analysis and insight into what to expect at upcoming renewal seasons as well.
Hannover Re’s aggregate XoL retro cover shrinks by almost 50% at Jan renewal
7th February 2022
For 2022, the size of Hannover Re's aggregate excess-of-loss (XoL) worldwide retrocession reinsurance layer has decreased by almost 50% to approximately €113 million, as the German reinsurer navigated more challenging retro market conditions at the January 1st renewals. As forecast towards the end of last year, aggregate retro capacity was harder ... Read the full article
Markel eyes 90% reinsurance combined ratio after shift in focus
3rd February 2022
By 2023, Markel Corporation is hopeful of achieving at least a 90% combined ratio in its reinsurance business after its decision to reduce volatility in the book by transitioning the property line to its insurance-linked securities (ILS) operation Nephila. Markel began this process in the first quarter of 2021, and ... Read the full article
Hannover Re expects improved rate trends to persist at upcoming renewals
3rd February 2022
Sven Althoff, Board Member for Property and Casualty (P&C) at global reinsurer Hannover Re, said this morning that the company expects the "broad trend of improved rates will continue to apply both at the insurance and at the reinsurance level" at the April and mid-year renewals. Early this morning, Hannover ... Read the full article
Hannover Re grows book by 8.3% at Jan 1 reinsurance renewals
3rd February 2022
German reinsurance giant Hannover Re achieved average inflation and risk-adjusted price increases of 4.1% at the January 1st, 2022, reinsurance renewals, as the company grew its book by 8.3%. Hannover Re notes the influence of considerable natural catastrophe losses on market pricing, especially in Europe and North America, alongside the low ... Read the full article
London Market reinsurers look to casualty at Jan 1: Miller
2nd February 2022
Reflecting on the January 1 renewal period, analysts at Miller have noted that casualty business became relatively more attractive to reinsurers in the London Market, following another year of elevated losses in the property catastrophe space. Miller observed a “mixed set of outcomes” at the crucial 1/1 reinsurance renewals, with a ... Read the full article
Reinsurance cycle to catch primary through 2022: Goldman Sachs
1st February 2022
Analysts at Goldman Sachs believe that the reinsurance pricing cycle could catch up with the primary cycle through 2022 and into 2023. Despite the market now being five years into a hard cycle, Goldman Sachs notes that the traditional industry has remained strongly capitalised, meaning the supply of reinsurance has been ... Read the full article
NFIP keen to work with private sector; sees reinsurance partnerships as mutually beneficial
31st January 2022
The U.S. Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) is eager to continue working with the private sector to help close the country's flood protection gap and has called on its reinsurance partners to encourage clients to explore flood risk. "We want to continue to work with the ... Read the full article
AXIS cut reinsurance property & cat premiums by 45% at 1/1
27th January 2022
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, further reduced the volatility of its portfolio at the Jan 1, 2022, renewals, cutting its reinsurance property and property catastrophe premiums by 45%. The company's President and Chief Executive Officer (CEO), Albert Benchimol, confirmed on a recent earnings call that AXIS advanced its ... Read the full article
RenRe couldn’t have had a better renewal, says CEO O’Donnell
27th January 2022
After achieving numerous goals at the January 1st, 2022, reinsurance renewals, Kevin O'Donnell, President and Chief Executive Officer (CEO) of Bermuda-based RenaissanceRe, feels that the reinsurer has constructed the most efficient portfolio possible. "We had a strong January 1 renewal," said O'Donnell, speaking yesterday during the company's Q4 and full-year 2021 ... Read the full article
Floridian P&C insurers seek higher rates and sustainable profits
24th January 2022
Concerns over sustainable underwriting profits has seen three domestic property insurers in Florida file for a state-wide average rate change, highlighting that the market for homeowners and commercial property insurance is still under pressure in the state. The carriers believe that significant additional rate is required to make it an economic ... Read the full article
Better than expected 1/1 conditions leave Conduit Re’s Eckert bullish on outlook
21st January 2022
For Class of 2021 reinsurance start-up, Conduit Re, market conditions at the January 1st, 2022, renewals were ahead of expectations, leading the company's Chairman, Neil Eckert, to be optimistic for the months ahead. Earlier this week, $1.1 billion start-up reinsurer Conduit Re reported its January 2022 trading statement, which showed ... Read the full article
Travelers shrinks agg reinsurance at renewal after depleting 2021 cover
20th January 2022
US primary insurer Travelers has disclosed details of its reinsurance renewals for 2022, which include expansions to its corporate catastrophe cover but reductions to its aggregate cover, following the exhaustion of this program last year. Travelers reported record net income of $1.33 billion in the fourth quarter of 2021, but ... Read the full article
Berenberg positive on reinsurance as underlying earnings power improves
19th January 2022
Investment bank Berenberg remains positive on the outlook for the reinsurance sector in light of improved underlying earnings power on the back of consecutive years of rate increases. With a continuation of market hardening at the January 1st, 2022, reinsurance renewals, albeit with "increasing fragmentation" between loss-hit and non-loss-hit lines, Berenberg ... Read the full article
Attractive market conditions benefit Conduit Re at renewals: Eckert
19th January 2022
Conduit Re, a Class of 2021 reinsurance start-up that raised close to $1.1 billion of capital, has underwritten around 70% more business at the January 2022 renewals than it did a year earlier, with Chairman Neil Eckert citing "some of the most attractive market conditions seen in a generation." At the ... Read the full article
Underwriting profitability to return, but rate momentum to fade for re/insurers: Fitch
18th January 2022
With carriers poised to report their Q4 and full-year financials in the coming weeks, analysts at Fitch Ratings forecast underwriting profitability for Bermuda-based insurers and reinsurers in 2021, alongside a deceleration of rate increases through the June and July renewals. Despite 2021 being another year of above-average catastrophe activity and subsequent ... Read the full article
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