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.
Chubb renews global prop cat & terrorism reinsurance at April 1st
6th May 2019
Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article
Swiss Re optimistic about renewal rates at mid-year: CFO, John Dacey
3rd May 2019
John Dacey, the Group Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that in all cases, rate movements at the April 1st renewals were adequate for the firm and that it's optimistic about the important June / July renewals season. Swiss Re today reported its financial results ... Read the full article
Re/insurance market turning more positive, say analysts
2nd May 2019
Analysts at Canaccord Genuity believe signs of a steady re/insurance market turn might be starting to materialise, underpinned by a return to underwriting discipline and a shift from market dynamics more favourable to buyers of protection. Discussing a recent Willis Towers Watson (WTW) report, analysts note a more positive outlook for commercial ... Read the full article
Mid-year reinsurance renewals could be similar to April 1: JMP analysts
2nd May 2019
The upcoming mid-year reinsurance renewals are likely to produce similar results to the recent Japan April 1st renewals, underpinned by respectable but uninspiring increases owing to an abundance of available capital in the market, according to analysts at JMP. Analysts highlight disappointing rate improvements at the January 1st 2019 renewals, followed ... Read the full article
Universal’s Jon Springer highlights speculation around mid-year rate movements
30th April 2019
Speculation remains around the magnitude of rate movements at the mid-year 2019 reinsurance renewals, underpinned by the potential impact on pricing from recent legislation targeting assignment of benefits (AOB) abuse in the state of Florida, according to Jon Springer, the President and Chief Risk Officer (CRO) of Universal Insurance Holdings, ... Read the full article
AXIS significantly expands in Japan under “quite attractive terms”
29th April 2019
Bermuda domiciled insurer and reinsurer, AXIS Capital significantly increased its exposure in Japan at the April 1st renewals, under "quite attractive terms." Speaking during the re/insurer's first-quarter 2019 earnings call, AXIS Capital President and Chief Executive Officer (CEO), Albert Benchimol, noted an "attractive Japanese market" at the most recent renewals, with ... Read the full article
Potential for mid-year reinsurance rate increases to be stronger than expected: JMP
25th April 2019
Analysts at JMP Securities LLC believe that reinsurance rate increases at the upcoming mid-year renewals could be stronger than initially expected. Combined, a number of trends suggest that this time around, "pricing may have some teeth", say analysts in a recent industry note focused on the mid-year reinsurance renewals. Highlighting reports that ... Read the full article
Early, but meaningful signs the market is responding to cat activity: Robert Berkley
24th April 2019
W. R. Berkley Corporation achieved a 6.4% rate increase, excluding workers' compensation, in the first-quarter of 2019, with much of the property market experiencing some of the most meaningful increases. "From our perspective, with the exception of workers' compensation, by and large, every line of business within the commercial line space ... Read the full article
SCOR Global P&C grows premiums by 9.6% at April renewals
18th April 2019
SCOR Global P&C, a division of the French reinsurance company, has announced that it grew its reinsurance premiums at the April renewals by 9.6% at constant exchange rates to €548 million. The reinsurer said that it benefitted from “broadly improving market conditions,” with catastrophe reinsurance treaties responding “rationally” in the aftermath ... Read the full article
Pricing to improve from current levels but become less cyclical: Berenberg
17th April 2019
The reality that profitability has to be achieved at current pricing levels has altered market expectations for insurers and reinsurers, and while analysts at Berenberg expect rates to improve from where they are today, going forward, pricing is expected to become less cyclical. Analysts highlight a challenging pricing environment for the ... Read the full article
Weather events to impact Q1 re/insurance results: Buckingham Research Group
17th April 2019
The Buckingham Research Group is anticipating a “relatively choppy” catastrophe load for re/insurers in the first quarter of 2019 due to the impact of severe weather, winter weather and flooding. Events like the March flooding in the Midwest U.S could generate economic losses of $4.25 billion, according to estimates from ... Read the full article
Market dynamics suggest higher overall reinsurance rate increases at mid-year: Analysts
15th April 2019
Analysts at Keefe, Bruyette & Woods (KBW) expect property and casualty (P&C) insurers and reinsurers to report manageable catastrophe losses in Q1, while the market's distinction between loss-free and loss-affected accounts' pricing suggests higher overall rate increases at the upcoming mid-year reinsurance renewals. In terms of large events, the global catastrophe ... Read the full article
Underwriting profitability of London market remains pressured, warns Fitch
9th April 2019
Fitch Ratings has maintained its negative sector outlook on the London insurance market, citing continued pressure on profitability as catastrophe events hit underwriting performance and expense ratios remain high. The global financial services ratings agency highlights the negative impact of catastrophe losses and low investment returns on the results of London ... Read the full article
Swiss Re optimistic on long-term pricing prospects, says Ojeisekhoba
5th April 2019
Swiss Re is optimistic about its own long-term pricing prospects, as well as those of the wider reinsurance industry, despite the persistence of challenging market conditions. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that the company was confident the competitive low-rate environment ... Read the full article
Japan renewals were orderly with stable reinsurer capacity: Willis Re
2nd April 2019
The April renewals in Japan were orderly despite the level of catastrophe losses in 2018, with reinsurance capacity remaining stable, according to broker Willis Re, the reinsurance arm of broker Willis Towers Watson. Buyers sought increased capacity, both on an aggregate basis and for earthquake occurrence, analysts observed in Willis Re’s ... Read the full article
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