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.
Reinsurance market demonstrates its resilience at 1/1: Guy Carpenter
18th January 2018
Commenting on the state of the global reinsurance market after the key January reinsurance renewals, broker Guy Carpenter notes how resilience the market has been and that little in the way of capital has evaporated despite the major losses of last year. In fact, Guy Carpenter's analysis shows that reinsurance capital ... Read the full article
Alternative capital driving potentially flatter underwriting cycle: Fitch
16th January 2018
Fitch Ratings believes the expansion of alternative, or third-party capital has changed the dynamics of the reinsurance market, resulting in modest rate increases at the recent January 1st renewals and driving a potentially flatter underwriting cycle. The extremely active 2017 Atlantic hurricane season combined with powerful earthquakes in Mexico and devastating ... Read the full article
European reinsurers expected to show rate increases of 1.5%: Deutsche Bank
16th January 2018
Following initial commentary from the January 1st 2018 renewals season, analysts at Deutsche Bank remain positive on the European reinsurance sector, and are standing firm on expected price increases of 1.5% over the next two years and expects companies to report strong volume growth. Citing first data points on January renewals ... Read the full article
Modest market hardening across global specialty lines at 1/1: Willis Re
15th January 2018
Across multiple global specialty lines, a modest hardening of rates is expected in 2018, however, new capacity has entered the market in anticipation of the hardening market and will thus reduce the impact on rate growth, according to Willis Re's viewpoint report on January renewals. In the global specialty markets signs of ... Read the full article
Argo renews reinsurance sidecar vehicle Harambee Re for 2018
15th January 2018
Specialty re/insurer Argo Group International has announced the renewal of its Harambee Re sidecar reinsurance vehicle for 2018. Launched in 2013, Argo said the sidecar continues the firm's "successful track record of building relationships with third-party capital providers to support the company’s growing insurance and reinsurance portfolios." Argo Group Chief Executive Officer ... Read the full article
GIG-Egypt renews reinsurance deal with Hannover Re
12th January 2018
Egypt’s Arab Misr Insurance Group (GIG) has renewed a one-year reinsurance deal with Hannover Re under the same conditions and retention rates of last year, the Amwalalghad reported. The Egyptian Life Takaful Company is the first established Takaful life insurer in the Egyptian market, and boasts a good business profile across Egypt's insurance market. Last ... Read the full article
European reinsurers best placed to benefit from a flight to quality at renewals: Deutsche Bank
12th January 2018
Europe's big four reinsurance players are in a good starting position for the 2018 renewals and Deutsche Bank analysts expect the reinsurers to benefit from a flight to quality during renewals, as clients rethink their reinsurance programmes. In spite of the prolonged softened reinsurance marketplace and the huge level of catastrophe ... Read the full article
Reinsurance price increases could be short-lived: Aon Benfield
9th January 2018
Despite pricing in the global reinsurance industry increasing at the January 1st renewals after third and fourth-quarter 2017 catastrophe events, reinsurance broker Aon Benfield expects this trend to be short-lived as capital continues to enter the market, and warns it could have a lasting impact on the reinsurance market. According to ... Read the full article
United Insurance renews quota share & aggregate catastrophe reinsurance cover
9th January 2018
United Insurance Holdings Corp. (UPC Insurance) has renewed both its quota share reinsurance agreement and its aggregate excess of loss reinsurance arrangement for 2018. The new, 2018 quota share reinsurance agreement is effective December 31st, 2017, and protects UPC through its wholly owned insurance subsidiary, United Property and Casualty Insurance Company (UPCIC). A new, ... Read the full article
Jan 1st reinsurance price increases a good and positive start for reinsurers: Moody’s
8th January 2018
Reinsurance price increases at the January 1st, 2018 renewals season are "a good start for the reinsurance industry," and, combined with efforts to lower operating costs, should lead to improved combined ratios for global reinsurance players, according to Moody's Investors Service (Moody's). Citing Willis Re's 2018 reinsurance renewals report, which states ... Read the full article
Soft market prevails at 1/1 but uncertainty over final Q3 fallout remains: David Flandro
5th January 2018
Commenting on the January 1st renewals JLT Re's Global Head of Analytics, David Flandro, said the market continues to be driven by the supply of reinsurance capital with an abundance of both traditional and alternative capital rushing in to fill the massive Q3 insured losses, but uncertainty over the final ... Read the full article
IAG signs $8bn 2018 reinsurance, reduces retention with quota-shares
3rd January 2018
Australian primary insurance giant Insurance Australia Group Limited (IAG) has successfully placed its 2018 reinsurance program, lowering its retentions thanks to its new quota-share arrangement and only experiencing modest rate pressure. For 2018 IAG has secured an $8 billion catastrophe reinsurance program, but where as last year the program was 80% ... Read the full article
Rate movements varied at 1/1 but retro and D&F saw highest increases: JLT Re
2nd January 2018
After years of falling rates, global property catastrophe reinsurance lines saw upwards pricing movements at the January 1st, 2018 renewals, although the level of rate increases varied significantly across regions, according to reinsurance broker JLT Re. After the huge level of global catastrophe losses in the third-quarter of 2017 reinsurers were ... Read the full article
Headwinds limit significant pricing corrections for reinsurers: Willis Re
2nd January 2018
On the back of one of the worst loss years on record for the global insurance and reinsurance market, pricing corrections have not been as significant as many in the market had hoped for, driven by a number of factors, according to Willis Re's 1st View renewals report. Recent catastrophe ... Read the full article
Rate rises underwhelm at January 2018 reinsurance renewals
2nd January 2018
Rate rises on loss affected contracts have been underwhelming at the key January 1st reinsurance renewals, with reports suggesting price increases failed to meet reinsurers expectations. In the run up to the renewals it was largely expected that price increases would not live up to the earlier expectations of the ... Read the full article
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