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.

The market needed a reset to attract critical support of capital providers: Hough, Aspen Re

28th March 2023

The last few months of last year were a turning point for the reinsurance market, as the need to reset pricing and achieve more sustainable long-term rate adequacy intensified, leading to probably the most distressed market that Philip Hough of Aspen Re has ever experienced. Hough has been the Global Head ... Read the full article

Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton

21st March 2023

Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article

Florida Citizens using industry-loss cat bond coverage as it prepares for merging of accounts

16th March 2023

Florida's Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has returned to the capital markets for a new, multi-year industry loss catastrophe bond transaction, as it prepares to merge its three accounts. The special legislative session in December 2022 saw the passing of Senate Bill ... Read the full article

A strong market, but important pricing holds long-term: Wightman, PwC Bermuda

6th March 2023

In an interview with our sister publication as part of the Artemis Live series of video interviews, Arthur Wightman, territory leader for PwC Bermuda, discussed what he describes as one of the hardest reinsurance markets. "The reinsurance industry across the main domains that operate here in Bermuda are doing well," said ... Read the full article

Allstate extends top of catastrophe reinsurance tower to all-time high of $7bn

2nd March 2023

U.S. primary insurer Allstate has raised the top of its Nationwide Excess Catastrophe Reinsurance Program tower to a record high of $7 billion after the placement of a new $100 million catastrophe bond transaction. At this level, it's the highest amount of reinsurance protection that the insurer has secured to cover ... Read the full article

Reinsurers to benefit from improved underwriting and investments in 2023, says Moody’s

28th February 2023

Analysts at Moody's expect the supply and demand imbalance in the global reinsurance market to persist amid a continuation of strong pricing, while credit conditions will also be supported by improved investment income on the back of rising interest rates. Moody's maintains its stable outlook for the global reinsurance sector in ... Read the full article

New reinsurance capital will enter once dust settles: Aon execs

27th February 2023

Alfonso Valera and Tomas Novotny, CO-CEOs for EMEA at Aon Reinsurance Solutions, have said they are optimistic that capital will begin to enter the reinsurance space over the course of 2023 after “the dust settles” on the turbulent January renewals. The two executives believe that new capital would help to stabilize ... Read the full article

January reinsurance conditions “here to stay”: JP Morgan

27th February 2023

Analysts at JP Morgan have reported that the “resounding view” from reinsurers is that the hard market conditions experienced at the January 2023 renewals are “here to stay” for at least the remainder of the year. Looking ahead to the coming renewals in April and at mid-year, JP Morgan believes that ... Read the full article

Jan renewals showed Munich Re is “clearly” the preferred reinsurer: Wenning

24th February 2023

Joachim Wenning, Chair of the Board of Management at Munich Re, has suggested that the January renewals showed that the firm is "clearly" the preferred reinsurer, citing reliability as an attribute that its clients appreciated. In an address covering the firm's 2022 results, Wenning noted that Munich Re's risk appetite ... Read the full article

AXA’s reinsurance retentions rise as property quota shares grow at renewals

24th February 2023

French insurer AXA has reported a number of changes to its natural catastrophe reinsurance programme for 2023 when compared with last year, including higher retentions and a new quota share arrangement for the London Market as AXA XL Re targets further reductions in the catastrophe space. After lowering the retention in ... Read the full article

Munich Re downsizes retro program for 2023

23rd February 2023

Munich Re has disclosed details of its retrocession program for 2023, showing that it shrunk its coverage somewhat amid the capacity squeeze of the January renewals. The reinsurer cited “a very challenging market environment” at 1/1 but said that its retro placement nevertheless remained “robust”. Details of the program were released alongside ... Read the full article

FEMA sees 36% decline in number of counterparties at 2023 NFIP reinsurance renewal

22nd February 2023

Data from the U.S. Federal Emergency Management Agency (FEMA) on the National Flood Insurance Program's (NFIP) traditional reinsurance placement for 2023 reveals a 36% decline in the number of participants on the programme when compared with the prior year. In January, FEMA announced the placement of a 50% smaller reinsurance ... Read the full article

AIG to increase Validus Re investment after “compelling” 1/1: CEO Zaffino

17th February 2023

AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has said that his company plans to “increase investment” in its assumed reinsurance business in 2023, particularly through Validus Re, following a “compelling” January renewal period. Speaking during an earnings call this week, Zaffino noted that AIG via its reinsurance units was ... Read the full article

SSRU renews P&C facilities with improved terms during challenging market

16th February 2023

Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”. The MGA’s property capacity ... Read the full article

AIG’s reinsurance spend up by less than 10% at “successful” renewal: CEO Zaffino

16th February 2023

AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has disclosed details of his company’s experience at the recent January reinsurance renewal period, which he says proved “exceptionally successful” given challenging market conditions. Specifically, he says AIG increased its overall spend by “less than 10%” on an absolute and risk adjusted ... Read the full article