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.

January reinsurance conditions “here to stay”: JP Morgan

27th February 2023

Analysts at JP Morgan have reported that the “resounding view” from reinsurers is that the hard market conditions experienced at the January 2023 renewals are “here to stay” for at least the remainder of the year. Looking ahead to the coming renewals in April and at mid-year, JP Morgan believes that ... Read the full article

Jan renewals showed Munich Re is “clearly” the preferred reinsurer: Wenning

24th February 2023

Joachim Wenning, Chair of the Board of Management at Munich Re, has suggested that the January renewals showed that the firm is "clearly" the preferred reinsurer, citing reliability as an attribute that its clients appreciated. In an address covering the firm's 2022 results, Wenning noted that Munich Re's risk appetite ... Read the full article

AXA’s reinsurance retentions rise as property quota shares grow at renewals

24th February 2023

French insurer AXA has reported a number of changes to its natural catastrophe reinsurance programme for 2023 when compared with last year, including higher retentions and a new quota share arrangement for the London Market as AXA XL Re targets further reductions in the catastrophe space. After lowering the retention in ... Read the full article

Munich Re downsizes retro program for 2023

23rd February 2023

Munich Re has disclosed details of its retrocession program for 2023, showing that it shrunk its coverage somewhat amid the capacity squeeze of the January renewals. The reinsurer cited “a very challenging market environment” at 1/1 but said that its retro placement nevertheless remained “robust”. Details of the program were released alongside ... Read the full article

FEMA sees 36% decline in number of counterparties at 2023 NFIP reinsurance renewal

22nd February 2023

Data from the U.S. Federal Emergency Management Agency (FEMA) on the National Flood Insurance Program's (NFIP) traditional reinsurance placement for 2023 reveals a 36% decline in the number of participants on the programme when compared with the prior year. In January, FEMA announced the placement of a 50% smaller reinsurance ... Read the full article

AIG to increase Validus Re investment after “compelling” 1/1: CEO Zaffino

17th February 2023

AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has said that his company plans to “increase investment” in its assumed reinsurance business in 2023, particularly through Validus Re, following a “compelling” January renewal period. Speaking during an earnings call this week, Zaffino noted that AIG via its reinsurance units was ... Read the full article

SSRU renews P&C facilities with improved terms during challenging market

16th February 2023

Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”. The MGA’s property capacity ... Read the full article

AIG’s reinsurance spend up by less than 10% at “successful” renewal: CEO Zaffino

16th February 2023

AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has disclosed details of his company’s experience at the recent January reinsurance renewal period, which he says proved “exceptionally successful” given challenging market conditions. Specifically, he says AIG increased its overall spend by “less than 10%” on an absolute and risk adjusted ... Read the full article

TWIA confirms discussions are underway with reinsurers for 2023 renewal

15th February 2023

The Texas Windstorm Insurance Association (TWIA) has commenced discussions with its reinsurance partners as it looks to secure up to $2.92 billion in coverage for the upcoming storm season, across traditional reinsurance and catastrophe bonds. During a board meeting held yesterday, Jim Murphy, Chief Actuary, said that TWIA's "begun setting up ... Read the full article

APAC region continues to present re/insurers with growth opportunities: Aon’s Attard

13th February 2023

The Asia-Pacific (APAC) region continues to present insures with diversification and growth opportunities, states George Attard, CEO, Reinsurance Solutions, Asia Pacific, Aon. Attard explains that the 1/1 renewal marks a “turning point” for the global reinsurance sector, and one that should put the market on a more “sustainable footing going forward.” “We ... Read the full article

Growing opportunities and portfolio diversification at upcoming renewals: Everest Re

13th February 2023

With the completion of the January 1 renewals, Everest Re has headed into 2023 with an improved portfolio and expanded margins, said the re/insurer’s President and Chief Executive Officer, Juan Andrade. Looking forward to future opportunities at upcoming renewals, Andrade noted that the firm expects reinsurance pricing momentum to continue, as ... Read the full article

Zurich drops agg reinsurance cover, adds quake & top cat layers

10th February 2023

Zurich Insurance Group has disclosed details of its reinsurance renewals for 2023, which include a decision to drop its global aggregate catastrophe treaty, as well as the addition of a US quake layer and a new top catastrophe layer. The company’s aggregate cover had previously provided it with $250 million of ... Read the full article

Global property cat rates-on-line up 27.5% at Jan 1 renewals: Guy Carpenter

10th February 2023

Global property catastrophe reinsurance rates-on-line increased by 27.5% at the January 1st, 2023, renewals, more than double the uplift seen a year earlier, as sellers of protection achieved steep price rises on contracts. The Guy Carpenter Global Property Catastrophe Rate-On-Line Index leverages data sourced from real, brokered excess-of-loss reinsurance placements, ... Read the full article

COVID losses in APAC could strain A&H reinsurers: Gallagher Re

9th February 2023

Analysts at Gallagher Re have warned that new COVID-19-related losses emanating from the Asia-Pacific region may put a strain on first-tier accident and health (A&H) reinsurers through 2023. The broker expects that the majority of these losses will be contained locally, but it does believe that the Lloyd’s market is likely ... Read the full article

Cincinnati Financial increases cat event retention at Jan renewals

8th February 2023

Steve Johnston, Chairman and CEO of Cincinnati Financial Corporation, has disclosed that the firm increased its cat event retention to $200m at the January reinsurance renewals. The news comes from the firm's Q4 earnings call, where Johnston noted that on January 1st, Cincinnati Financial again renewed each of its primary property/casualty ... Read the full article