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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.

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

TWIA to seek at least $2.1bn of reinsurance for 2019

8th February 2019

The Texas Windstorm Insurance Association (TWIA) is targeting at least $2.1 billion of reinsurance protection for the 2019 hurricane season from a combination of the traditional and alternative reinsurance markets, following approval from its Board. TWIA, the residual market property insurer for the state of Texas, will work with reinsurance broker ... Read the full article

SCOR expands its P&C reinsurance book by almost 10% at renewals

7th February 2019

SCOR, the France headquartered reinsurance firm and one of the top-four reinsurers globally, grew its property and casualty book by almost 10% during the key January renewal season. SCOR said that at constant exchange rates the P&C reinsurance book was renewed at EUR 3.2 billion, up from EUR 2.9 billion, an ... Read the full article

Munich Re profits fall, reports stable pricing at 1/1

6th February 2019

Global reinsurance giant Munich Re saw fourth quarter profits fall 56% year-on-year to €238 million following the impact of the California wildfires in November and volatile financial markets towards the end of year. The company’s net profit of €2.2 billion for the year was, however, in line with its target of ... Read the full article

Australian terror pool renews AU$3.3bn retro reinsurance program

4th February 2019

The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has renewed its AU$3.315 billion (US$2.3 billion) retrocession reinsurance program for 2019. The cover, along with ARPC’s net assets and a $10 billion Commonwealth guarantee, provides capacity in the event of a declared terrorism incident against commercial and eligible property ... Read the full article

More price action required across most re/insurance lines: AXIS CEO Benchimol

1st February 2019

Price action in reinsurance lines was evident in some areas at the January renewals with little reductions and response to loss activity. However, global catastrophe pricing remained a disappointment for AXIS Capital at the recent renewal, with President and Chief Executive Officer (CEO), Albert Benchimol calling for more price action ... Read the full article

M&A levels to continue amid adverse market conditions: JMP Securities

1st February 2019

Mergers and acquisitions (M&A) activity is to continue at heightened levels through 2019 as re/insurers try to find opportunities for growth against a backdrop of adverse market conditions, according to analysts at JMP Securities. JMP explained that consolidation would offer an attractive route to growth for many companies due to ongoing ... Read the full article

April still sweet spot for 2019 renewals: Analysts

31st January 2019

In contrast to the recent 1/1 renewals, which would neither support nor derail the sub-sector, Analysts at Deutsche Bank (DB) see the upcoming April renewals as a positive catalyst for reinsurers due to the role of Japanese business. Probably more than any other traditional market, Japan is still a traditional payback ... Read the full article

S&P notes orderly but somewhat disappointing renewals

29th January 2019

Targeted price increases limited to loss-affected policies and regions were evident at the recent January 1st renewals, and while the overall process was orderly, it was somewhat of a disappointment following recent industry losses, says ratings agency S&P. The ratings agency states that during the most recent renewal period, it witnessed ... Read the full article

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