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.
Everest Re sees flight to quality among reinsurance buyers: John Doucette
13th August 2020
Having now finished the June and July renewals, Everest Re has observed a continued flight to quality by reinsurance buyers, according to John Doucette, EVP, President and CEO of Everest Insurance Division. Speaking during an earnings call alongside the release of Everest Re’s Q2 results, Doucette said the expanded opportunity set ... Read the full article
Favourable market conditions to sustain well into 2021: Benchimol, AXIS
10th August 2020
Albert Benchimol, CEO of AXIS Capital Holdings Limited, believes that favourable market conditions will continue with the benefits of further rate hardening. The Bermuda-based insurer and reinsurer recently revealed its financial results for the second quarter of 2020, which saw the current market being favourable, despite the drop in its ... Read the full article
AIG expects to recover COVID-19 losses under cat reinsurance: Zaffino
5th August 2020
Insurer and reinsurer AIG anticipates making a recovery under its international per-occurrence catastrophe reinsurance treaty as a result of COVID-19-related losses, according to Peter Zaffino, President and Global Chief Operating Officer (COO) of AIG, and Chief Executive Officer (CEO) of the General Insurance (GI) unit. Speaking during the company's second-quarter 2020 ... Read the full article
SCOR selectively grows reinsurance book at mid-year renewals
24th July 2020
Global insurer and reinsurer SCOR's gross reinsurance premiums grew 1.3% from €708 million to €717 million at the mid-year renewals, as the company took advantage of continued market hardening. The re/insurer notes "strong price growth momentum," reporting overall 8.2% price increases across its renewal book at the mid-year, with improvements materialising ... Read the full article
Travelers provides updates on renewed catastrophe reinsurance treaties
24th July 2020
P&C insurer Travelers has provided an update on the catastrophe reinsurance treaties it renewed on July 1. The Northeast Property Catastrophe Excess-of-Loss Reinsurance Treaty provides up to $600 million part of $850 million of coverage, subject to a $2.25 billion retention for losses arising from a single occurrence, subject to one ... Read the full article
IAG enhances reinsurance use; CEO notes “immensely challenging” six months
24th July 2020
Australian insurer IAG has further strengthened its overall reinsurance position with the purchase of a new aggregate catastrophe reinsurance cover and a stop-loss protection for retained natural perils. The company has provided an update on its results for the fiscal year ended June 30th, 2020 and also offered some insights into ... Read the full article
Castel acquires renewal rights for Navigators Europe from The Hartford
17th July 2020
Castel Underwriting Agencies Limited's subsidiary, Castel Underwriting Europe B.V. (Castel Europe), has reached an agreement with U.S. insurer The Hartford to acquire the renewal rights for Navigators Europe, the trading name of the Bracht, Deckers & Mackelbert NV (BDM)/ASCO Continentale Verzekeringen NV (ASCO), Rotterdam marine business. The Hartford completed its ... Read the full article
Strong June 1, July 1 property cat reinsurance rate increases: KBW
13th July 2020
Analysis by KBW shows the second quarter 2020 reinsurance renewals, most prominently the Florida-focused June 1 and broader, southeastern US-focused July 1, included significant property catastrophe reinsurance rate increases. Analysts think these increases reflect a number of related factors, including the fact reinsurance capital providers (both traditional reinsurers and insurance linked securities ... Read the full article
Hyperion X reports peak rate increases of 20% at July renewals
10th July 2020
Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, has reported pricing improvements of between 0% and 20% at the July renewal. Following a conversation with Hyperion X executives David Flandro and Nick Griffiths, Morgan Stanley noted that magnitude of rate improvement in July was below the ... Read the full article
Analysts forecast 18 months of reinsurance rate increases
9th July 2020
Analysts at investment banking group Jefferies have predicted that the trend of reinsurance price firming should last at least 18 months, and potentially longer. High natural catastrophe claims over the past few years, combined with underlying claims inflation in the US and the impact of low interest rates will likely sustain ... Read the full article
Kingstone reports improved net income; higher reinsurance costs in 2020
7th July 2020
Property and casualty (P&C) insurer Kingstone Companies, Inc. has reported net income of $0.6 million for the first six months of the year, while the firm purchased a lower level of catastrophe reinsurance at a higher cost than the previous year as rate rises continued for reinsurers. At $0.6 million, the ... Read the full article
Reduced capacity boosts reinsurance pricing at US renewals: Willis Re
2nd July 2020
Reduced capacity helped reinsurers at the June and July US property renewals to control market dynamics and achieve significant rate increases, according to the Willis Re 1st View report. In Florida, new capacity proved difficult to acquire at June 1, which led to noteworthy premium increases and an average rate increase ... Read the full article
Suncorp renews cat reinsurance program with similar structure
1st July 2020
Australian insurer Suncorp has finalized the renewal of its main catastrophe reinsurance program for FY21 with a similar structure to previous years. Details of the coverage were released alongside an announcement that Suncorp will be implementing a new operating model and organisational structure to improve its core businesses and accelerate digital ... Read the full article
Rate rises persist as replenished capital supports mid-year renewals: Willis Re
1st July 2020
Rate inadequacy continued to drive measured rate adjustments in many lines and geographies at the June and July reinsurance renewals, while primarily players were able to secure sufficient reinsurance capacity, reports Willis Re, the reinsurance broking arm of Willis Towers Watson (WTW). The reinsurance broker reports that double-digit risk-adjusted reinsurance price ... Read the full article
Assurant gets more multi-year coverage at reinsurance renewal
30th June 2020
US specialty insurance group Assurant, Inc. has shrunk the size of its overall reinsurance tower limit by $230 million for 2020 as it exited underperforming businesses. The U.S. Program of Assurant's 2020 property catastrophe reinsurance program provides $930 million of coverage in excess of a $80 million retention per-event with a ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
