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.
The cycle has “disappeared,” says SCOR’s Denis Kessler
11th September 2018
Denis Kessler, Chairman and Chief Executive Officer (CEO) of French reinsurance giant SCOR, has said that it is his “strong conviction” that the reinsurance pricing cycle has “disappeared” and is unlikely to return. Speaking during a debate on the third day of the Reinsurance Rendezvous event in Monte Carlo, Kessler acknowledged ... Read the full article
Excess capital remains dominant price driver: JLT Re’s Ed Hochberg
10th September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, believes an absence of reinsurance rate increases following the the catastrophes of 2017 demonstrates how excess capital has more bearing on pricing than any other factor. Speaking in Monte Carlo today at the Reinsurance Rendez-vous, the Chief Executive Officer of JLT ... Read the full article
Hannover Re expecting stable P&C prices at 1/1 renewals
10th September 2018
Hannover Re has announced that it is anticipating stability in property and casualty (P&C) reinsurance renewal prices and conditions overall for the treaty renewals at 1 January 2019. The German reinsurance giant acknowledged that the market environment continues to be challenging for P&C reinsurers, with rate increases lower than expected following ... Read the full article
Swiss Re anticipating “broadly stable” renewal rates, says CEO Mumenthaler
10th September 2018
Swiss Re is expecting reinsurance renewal rates to remain “broadly stable” given the current level of competition in the market environment, according to Christian Mumenthaler, Swiss Re’s Chief Executive Officer (CEO). Speaking in an interview with Reinsurance News, Mumenthaler said: “After many years of price erosion in major non-life insurance markets, ... Read the full article
“Flat but functional” property cat market is new norm: Willis Re CEO
9th September 2018
A “flat but functional” pricing environment for property catastrophe is likely to become the “new norm” for reinsurers following a fairly subdued year for renewals despite high catastrophe losses in 2017, according to James Kent, Global Chief Executive Officer (CEO) of Willis Re. Speaking at a press briefing during the first ... Read the full article
Results of our reinsurance market survey now available to view
6th September 2018
We've teamed up with our sister-site Artemis, the longest running publication focused on insurance-linked securities (ILS), to conduct a survey aimed at taking the temperature of the global reinsurance market. Hundreds of responses from identifiable participants were received, including numerous reinsurance market Chief Executive Officers and ... Read the full article
S&P maintains stable reinsurance outlook despite weak market conditions
4th September 2018
S&P Global Ratings has maintained its stable outlook on the global reinsurance sector and on the majority of the reinsurers it rates due to robust capital adequacy and disciplined underwriting, but has warned that the sector continues to face weak business conditions and fundamental challenges. The firm noted that operating conditions ... Read the full article
Reinsurance market continues to “skip along the bottom”, says A.M. Best
4th September 2018
The reinsurance sector continues to "skip along the bottom of the market" with no signs that rates are going to meaningfully improve anytime soon, according to ratings agency A.M. Best. A.M. Best's recent report on the global reinsurance landscape states that optimism over a turn in the market following the large ... Read the full article
Strong capital & consolidation drives stable reinsurance sector outlook: Moody’s
4th September 2018
Strong balance sheets and sector-wide consolidation via M&A are among the drivers for improved credit profiles of reinsurers, with Moody’s global outlook remaining stable. Higher interest rates and an increased demand from primary insurers in 2018 have alleviated some of the long standing imbalance between supply and demand whilst improving reinsurers’ ... Read the full article
Fitch revises global reinsurance sector outlook to stable
4th September 2018
Global ratings agency Fitch has revised its outlook for the global reinsurance sector from negative to stable in response to a new market normal, underlined by more modest returns on capital but less volatility than before. Fitch Ratings says that in recent years there has been a secular shift that has ... Read the full article
Workers’ comp profits strong, weaker pricing ahead: Fitch Ratings
3rd September 2018
The U.S workers' compensation insurance market reported strong underwriting performance for the third consecutive year in 2017, with an industry statutory combined ratio of approximately 92%, according to Fitch Ratings. However, Fitch warns that a steady decline in premium rates from increased competition will ultimately lead to weaker underwriting results. Fitch believes ... Read the full article
Aon’s public D&O pricing increases 6.1% at Q2 2018
3rd September 2018
Aon Risk Solutions (U.S) has reported in its quarterly pricing index of Directors’ and Officers’ liability (D&O) insurance that its D&O price per million was up 6.1% at Q2 2018 when compared with the prior year quarter, while average change for primary policies with the same limit and deductible increased ... Read the full article
Reinsurers adapting as alternative capital becomes permanent fixture: J.P. Morgan
31st August 2018
Reinsurers are adapting their business models in light of the market’s increasing reliance on alternative capital, which proved capable of absorbing large industry losses in 2017, and which may have ended the concept of ‘payback’ in the property & casualty (P&C) sector, according to analysts at J.P. Morgan. A report by ... Read the full article
“Conditions are right” to buy more catastrophe reinsurance: JLT Re’s Ed Hochberg
31st August 2018
Ed Hochberg, Chief Executive Officer (CEO) of JLT Re in North America, has suggested that primary insurers are increasingly understanding the value of reinsurance following 2017’s catastrophe losses, and claimed that the “conditions are right” for them to buy more cover. “It’s clear that primary insurers increasingly recognise the valuable role ... Read the full article
Kingstone reduces quota share reinsurance treaty to 10%
24th August 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has reduced its personal lines quota share treaty ceding percentage from 20% to 10%, effective July 1, 2018. Kingstone said the treaty remains on a ‘net’ of catastrophe reinsurance ... Read the full article
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