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.
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
Reinsurance pricing to remain firm, but no acceleration likely: JMP Securities
17th January 2022
Analysts at JMP Securities expect property reinsurance pricing to remain firm as the market progresses through 2022, but warn that rates will not materially accelerate from current levels without additional significant loss events. The recently completed January 1 renewal saw continued upward movement in pricing, with some business seeing the strongest ... Read the full article
Reinsurance underperformance “ripe for reversal”: Berenberg
17th January 2022
Analysts at Berenberg consider a trend of underperformance among reinsurers as “ripe for reversal” following a strong January 2022 renewal period, which saw rate rises of more than 10% for natural catastrophe risks in many cases. Berenberg views the global reinsurance sector as having performed poorly in 2021, largely due to ... Read the full article
Q4 cats thought to have triggered Travelers agg reinsurance recoveries
14th January 2022
Analysts are anticipating that Travelers will have made further recoveries under its catastrophe aggregate reinsurance program during the fourth quarter of 2021. There appears to be consensus among figures at Bloomberg, KBW and Morgan Stanley that the US primary insurer’s Q4 results – due next week – will reveal further aggregate ... Read the full article
Renewals “bode well” for London Market profitability: Berenberg
14th January 2022
Analysts at Berenberg believe that the recent January reinsurance renewals “bode well” for continuous improvement in underlying profitability and earnings for the London Market in 2022. The investment bank considers the performance of the London Market to have been “lacklustre” in 2021. The drivers of the underperformance were similar to those for ... Read the full article
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