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 is optimistic but mindful of “choppy waters”, says John Doucette
13th February 2020
John Doucette, EVP, President and Chief Executive Officer (CEO) of Reinsurance at Bermuda-based Everest Re, has said that despite improving reinsurance market conditions, the company remains realistic that there are "choppy waters to navigate". Global reinsurer Everest Re announced recently improved year-on-year net income of $217.6 million for the fourth-quarter ... Read the full article
Analysts lower Munich Re’s FY19E net income by 8%
12th February 2020
Analysts at J.P. Morgan expect reinsurance giant Munich Re's property and casualty (P&C) segment to fall to an underwriting loss in the fourth-quarter of 2019, while the firm's Life reinsurance division is expected to produce a below run-rate quarter. Overall, analysts expect that Munich Re will report a combined ratio of ... Read the full article
B3i’s blockchain platform places 30 reinsurance contracts at 1/1
12th February 2020
The Blockchain Insurance Industry Initiative (B3i) has announced that 30 reinsurance contracts have now been concluded on its platform, with participants including Allianz Re and Generali. A total of 9 insurers, 4 major brokerage firms, and 8 reinsurers participated in the placements, which were conducted as a parallel run with the ... Read the full article
Late reinsurance renewals signal supply-demand imbalance: KBW
7th February 2020
Analysts at KBW have observed a supply-demand imbalance at the January 1 reinsurance renewals, which they believe will persist throughout 2020, especially for loss-impacted property catastrophe accounts. The firm noted that reinsurance renewals were later than normal this year, including some placements that were not completed by year-end. Pricing trends are considered ... Read the full article
ARPC extends top layer of retro reinsurance program for 2020
7th February 2020
The Australian Reinsurance Pool Corporation (ARPC), the Australian government's terrorism reinsurance agency, has announced that it has secured a larger retrocession reinsurance program for the 2020 calendar year. The ARPC has secured AUD 3.45 billion (USD 2.33 billion) of retrocession reinsurance protection at a reduced rate for 2020, up on ... Read the full article
RenRe could pull back in Florida if rates stay low, says CEO
7th February 2020
RenaissanceRe could further reduce its exposure to Florida domestic companies if rate increases do not meet the companies return hurdles this year, according to its President and CEO, Kevin O’Donnell. Speaking in an earnings call alongside the release of RenRe’s Q4 and 2019 results, O’Donnell warned of “substantial structural issues” ... Read the full article
Many lines still lack price adequacy, but increases will persist: AXIS CEO
6th February 2020
Reinsurance price momentum continued at the January 1st, 2020 renewals but even with the strong rate response in certain classes, many lines are still not at attractive levels, according to Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda-based re/insurer, AXIS Capital Holdings Limited. After consecutive heavy catastrophe loss ... Read the full article
SCOR notes 2.8% pricing increase, looks to improve reinsurance profitability
6th February 2020
French reinsurer SCOR Global P&C has announced that it secured an increase in reinsurance underwriting profitability at the January 1st, 2020 renewals, which reflects a 2.8% increase in pricing. SCOR notes that trends witnessed at the important January 2020 renewals were consistent with those seen during 2019, with the firm securing ... Read the full article
Hannover Re posts 2.3% rate rise at ‘solid’ January renewal
5th February 2020
Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals ... Read the full article
Reinsurance capacity down at political risk renewals: Willis Re
28th January 2020
A decline in reinsurance capacity has helped to trigger price hardening in some quarters of the political risk and trade credit market at the January renewals, according Willis Re. The broker noted that, while there remains an abundance of headline insurance capacity in the political risk space, actual capacity is down ... Read the full article
Bermuda re/insurers set for improved pricing trends in 2020: Fitch
27th January 2020
Bermuda re/insurers are likely to see continued price firming in 2020, with surplus growth and modest gains in underwriting profits driven by organic growth opportunities and solid capital levels, according to Fitch Ratings. The rating agency noted that the market’s financial performance has recently been supported by higher unrealised investment gains ... Read the full article
Travelers renews aggregate catastrophe reinsurance under tighter terms
23rd January 2020
Travelers has successfully renewed some of its catastrophe reinsurance treaties at the January 1st, 2020 renewals, which shows that the firm is to retain a much higher share of its losses this year under changes made to its underlying property aggregate catastrophe excess-of-loss reinsurance treaty. This time last year, the ... Read the full article
Korean Re Switzerland grows portfolio by over 50% at first renewal
23rd January 2020
Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has announced the successful completion of its first reinsurance renewal on the 1st of January, 2020. The Seoul-based reinsurer established its European subsidiary as part of a push to expand in the region. The new entity was licensed to ... Read the full article
Casualty/specialty a more compelling pricing story at 1/1, says S&P
21st January 2020
Analysts at S&P Global Ratings have said that sentiment was both stronger and more broad-based in casualty/specialty lines than in the property arena at the January 1st reinsurance renewals. In U.S. non-proportional business, rate increases were substantial and ceding commissions on this business were down by as much as 3% in ... Read the full article
Reinsurance rate adequacy still needs to improve: Peel Hunt
21st January 2020
Analysts at Peel Hunt have argued that reinsurance rate adequacy still needs to improve, despite some positive momentum at the recent January renewals. The firm said that adequacy has not yet been achieved despite sharp rate increases on loss affected lines, and questioned whether pricing over the remainder of the year ... Read the full article
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