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.
We have to separate Florida from rest of portfolio: Guy Carp CEO Hearn
29th April 2021
Speaking during the Marsh McLennan first-quarter 2021 earnings call, CEO of reinsurance broking arm Guy Carpenter, Peter Hearn commented that at the upcoming mid-year reinsurance renewals, Florida will have to be separated from other business. Hearn said: “We have to separate Florida from the rest of our portfolio because it’s a ... Read the full article
Munich Re doing ‘more business on better terms’, says CEO Wenning
28th April 2021
Global reinsurer Munich Re expects market hardening to persist in the property / casualty reinsurance sector as it continues to take advantage of favourable conditions, according to its Chief Executive Officer (CEO), Joachim Wenning. The German reinsurance company held its virtual 2021 Annual General Meeting (AGM) this morning, during which CEO ... Read the full article
GC notes shift towards non-proportional capacity for Korean market at 4/1
22nd April 2021
Guy Carpenter analysts have noted a clear movement of capital during the April 1 reinsurance renewals in Korea, with capacity shifting from proportional to non-proportional and from risk to event. Prior to the April 1 reinsurance renewals in Korea, expectations for pricing increases were reportedly quite high. While Korea had not experienced ... Read the full article
Morgan Stanley expects “sustained” reinsurance pricing ahead of renewals
19th April 2021
Analysts at Morgan Stanley are expecting reinsurance rate increases to prove more sustainable as they examine pricing trends ahead of the mid-year renewals. Though discussions of pricing at Jan 1 and Apr 1 renewals have been characterized as slightly disappointing, Morgan Stanley noted that pricing was generally up across the board ... Read the full article
David Flandro predicts pricing improvements for mid-year renewals
19th April 2021
David Flandro, Managing Director at HX Analytics, has predicted that the upcoming June and July reinsurance renewal period will yield more favourable pricing improvements than were seen at January and April. Speaking to analysts at Morgan Stanley, Flandro noted that, while industry capital remains high, reinsurers are facing constraints on profitable ... Read the full article
SCOR achieves overall rate increase of 4.3% at April 1 reinsurance renewals
16th April 2021
French insurer and reinsurer SCOR has reported a strong April renewals season, during which the firm grew its premiums by more than 14%, with an overall increase in pricing of 4.3%. The reinsurer says that it benefitted from the continued improvements in pricing and terms & conditions already seen at the ... Read the full article
Property cat rates up again at April 1 but increases fading: Guy Carpenter
15th April 2021
Property catastrophe pricing increased for the third year running at the April 1st, 2021 reinsurance renewals, while discussions about coverage were dominated by communicable disease and cyber, according to Guy Carpenter (GC), the reinsurance broking arm of Marsh. Despite the positive momentum continuing at April 1st, GC notes that the average ... Read the full article
Good progress made at “disciplined” April renewals: Willis Re’s Vickers
7th April 2021
Willis Re’s James Vickers believes that reinsurers made “good progress” at an April renewal period that saw underwriting discipline and a continuation of the rate increases seen at 1/1. Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News alongside the release of Willis Re’s 1st View ... Read the full article
Market pricing remains firm at 4/1 despite ample capacity: Willis Re
1st April 2021
Broker Willis Re has reported that market pricing has remained firm in virtually all classes and territories at the April 1 reinsurance renewals, despite there being no shortage of capacity. According to Willis Re’s 1st View report on the April renewal period, conditions very much continued in line with what was ... Read the full article
ILS and reinsurance market show resilience at 2021 renewals: AM Best
31st March 2021
The insurance-linked securities (ILS) and traditional reinsurance markets have shown resilience at the January 2021 renewals, despite multiple small-to-medium-sized catastrophe losses and the COVID-19 pandemic, according to analysts at AM Best. A report by the rating agency shows that there was sufficient ILS and traditional reinsurance capital to meet demand at ... Read the full article
Reinsurers to achieve low single digit rate improvements in April, says Morgan Stanley
31st March 2021
Analysts at Morgan Stanley expect European reinsurers to achieve low single digit rate improvements in the Japan-focused, April renewals, alongside further tightening in terms and conditions (T&C). After consecutive heavy loss years and the impacts of the pandemic in 2020, reinsurers were hopeful of meaningful rate rises at the January 1st, ... Read the full article
TWIA eyes total aggregate reinsurance of up to $5bn for 2021 season
24th March 2021
The Texas Windstorm Insurance Association (TWIA) is looking to secure up to $5 billion of reinsurance protection ahead of the 2021 Atlantic hurricane season, through a combination of traditional reinsurance, catastrophe bonds, and statutory funding. TWIA's Board received a presentation from staff and reinsurance broker Guy Carpenter, and subsequently voted to ... Read the full article
CCR Re’s premium income jumps 12% at Jan 1 reinsurance renewals
16th March 2021
French state-owned reinsurer CCR Re has reported overall premium income growth of 12% to €50 million at the January 1st, 2021 reinsurance renewals, a period which represents roughly 70% of its annual premium income volume across both P&C and L&H reinsurance. The reinsurer explains that it underwrote roughly €500 million at ... Read the full article
Citizens targets $2.6bn in reinsurance as policy count swells
4th March 2021
Florida's Citizens Property Insurance Corporation is seeking approximately $2.6 billion of fresh reinsurance protection from its 2021 reinsurance renewal, as the firm prepares to accept almost 150,000 additional policyholders by the end of the year. Citizens' Chief Financial Officer (CFO), Jennifer Montero and others are entering into negotiations with both the ... Read the full article
Uri losses to sustain reinsurance rates through mid-year: KBW
3rd March 2021
Analysts at KBW have reported that the industry expects losses from Winter Storm Uri to sustain property catastrophe reinsurance rate increases through the mid-year renewals period. According to KBW, most re/insurance executives view a $10 billion to $20 billion loss range as reasonable for Uri, which has brought damaging ice damaging ... Read the full article
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