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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.

Gard renews P&I reinsurance for 2019 through the International Group

14th January 2019

Gard, a shipowner-controlled protection and indemnity (P&I) marine and energy insurer, has outlined the terms of its 2019 reinsurance program, which it arranged through the International Group of P&I Clubs (IGP&I). The structure of the cover reinsured through the pool includes club retention of $10 million, general excess loss cover of ... Read the full article

Reinsurance rates to improve through mid-year 2019: Goldman Sachs

11th January 2019

While early indications indicate that reinsurance pricing was largely flat at the January 2019 renewals, analysts at Goldman Sachs are confident that rates will improve later in the year at the renewals in April and June. The firm argued that two consecutive years of elevated catastrophe activity should lead to improved ... Read the full article

“Interesting” 1/1 market dynamics to continue into April: Aon

11th January 2019

Re/insurance broker Aon has said that the “interesting” market dynamics that affected reinsurance pricing at the recent 1 January renewals are likely to continue to influence rates throughout the coming year. The company’s ‘Reinsurance Market Outlook 2019’ report noted that reinsurance buyers continue to secure protection at accretive cost of capital ... Read the full article

Downstream energy rates set to improve after difficult 2018: JLT

8th January 2019

Rates in the downstream energy sector look set to improve in 2019 as re/insurance companies finally take a stand against increasingly poor underwriting results over the last few years, according to analysts at JLT. The re/insurer’s latest quarterly energy report noted that management oversight and pressure to turn rates around has ... Read the full article

United Insurance extends quota share, renews catastrophe reinsurance

7th January 2019

United Insurance Holdings (United) has announced the successful extension of its current 20% catastrophe quota share reinsurance agreement until June 2019, whilst also renewing its catastrophe aggregate and other reinsurance agreements. Effective 31 December 2018, through its United Property and Casualty Insurance Company (UPC) subsidiary, United extended its 20% quota share ... Read the full article

Retro market disruptions may impact future renewals: Willis Re

7th January 2019

Disruptions and trapped collateral in the retrocession market may have an impact on first-tier reinsurance property catastrophe pricing levels over the upcoming 2019 renewals, according to broker Willis Re. The analysis came as part of the firm's latest 1st View report, which found that reinsurance rates at the 1 January ... Read the full article

Pricing broadly stable across U.S casualty renewals, finds Willis Re

3rd January 2019

The latest 1st View report from Willis Re has found that U.S casualty reinsurance pricing trends were mixed at the 1 January 2019 renewals, with pockets of rate increases and decreases across a broadly stable market. The findings came as part of the broker's wider market analysis, which found that Read the full article

IAG expands catastrophe reinsurance to $9 billion of coverage

3rd January 2019

Australian primary insurer Insurance Australia Group Limited (IAG) has successfully renewed its catastrophe reinsurance protection at an expanded size of $9 billion, up from $8 billion in the prior year. The 12.5% increases in catastrophe reinsurance limit has been secured in a similar structure to 2018, to provide IAG with ... Read the full article

January renewals highlight reinsurance “pricing gap”: Willis Re

2nd January 2019

The January 2019 reinsurance renewals have highlighted a "pricing gap" between cedants with peak peril exposure or poor loss records and other accounts, according to a new report from broker Willis Re. The company earlier told the Financial Times that reinsurance rate increases did not materialise at the 1 January renewals, ... Read the full article

Reinsurance renewals defy expectations of post-loss firming: JLT Re

2nd January 2019

The January reinsurance renewals "broadly defied early expectations of post-loss firming for the second consecutive year," according to broker JLT Re. Reinsurers' desire and ability to underwrite risks remained healthy overall, the broker said this morning, and as a result pricing was seen as broadly stable across reinsurance markets at the ... Read the full article

Reinsurance rates flat to slightly down at January 2019 renewal

2nd January 2019

Reinsurance rates at the key January renewal season are largely seen to have been flat or a little down, according to the first report on the key contract signings. Broker Willis Re told the FT that hoped for reinsurance rate increases did not appear at the renewal, resulting in an overall ... Read the full article

KBW moderately optimistic about 2019 reinsurance pricing

31st December 2018

Analysts at Keefe, Bruyette & Woods remain moderately optimistic about 2019 reinsurance pricing following meetings with numerous underwriters and brokers. Virtually everyone KBW met expected steadily rising reinsurance pricing over the course of 2019, reflecting declining supply and rising demand, which could extend into other lines, particularly the retro-dependent Lloyd’s market. Participants ... Read the full article

Ongoing competition to impact profits in London non-life sector: Fitch

27th December 2018

The profitability of companies in the London, UK non-life re/insurance sector will continue to come under pressure throughout 2019 as intense competition erodes margins, according to Fitch Ratings. Fitch said its outlook for the sector would remain negative in light of a number of ongoing challenges, including regulatory scrutiny, high expense ... Read the full article

Hardening rates expected as industry losses exceed 20 year average: Barclays

24th December 2018

Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article

International Group of P&I Clubs reduces reinsurance costs in 2019 renewal

19th December 2018

The International Group of P&I Clubs (IGP&I), a provider of protection and indemnity (P&I) insurance to the global shipping industry, has renewed its reinsurance program for the 2019/20 year with rate reductions across all of its vessel categories. The $3.1 billion reinsurance program included a number of changes to its structure ... Read the full article

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