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.
Continued softening & expansion of terms in energy re/insurance
3rd August 2017
The energy insurance and reinsurance sector has witnessed continued softening of prices and expansion of terms and conditions at recent renewals, helping protection buyers to more positive dealings with risk transfer partners, according to JLT Group’s Lloyd & Partners unit. The offshore and onshore energy insurance market has softened rapidly, nearing ... Read the full article
Demand for casualty reinsurance increases at mid-year renewals: Willis Re
20th July 2017
Commenting on trends in the casualty market after the 2017 mid-year renewals, Willis Re said demand for reinsurance is increasing as the cyber market expands and global demand is stimulated by pending regulation in the European Union (EU) and Australia. As underlying cyber coverage expands with first party exposures, reinsurers appear ... Read the full article
Persistent reinsurance market headwinds impacting all territories
18th July 2017
Global property reinsurance rates continued to decline throughout most territories at the mid-year renewals season, driven by a lack of catastrophe losses, excess capacity and ongoing market pressures, according to reinsurance broker Willis Re. In the UK and the U.S. excess capacity, from both traditional and alternative sources, continues to combine with ... Read the full article
Florida market pressured at mid-year as players push for 2017 targets: Willis Re
17th July 2017
The mid-year renewals season saw continued softening of pricing in Florida with stable market demand, but pressure on traditional players is growing as they make a final push for 2017 premium targets, but are squeezed into a tighter space by greater alternative capital influx. John Cavanagh, Global Chief Executive Officer (CEO) of Willis ... Read the full article
Kingstone Companies completes reinsurance treaties under improved terms
12th July 2017
Property and casualty insurance holding company, Kingstone Companies, Inc., has announced that its subsidiary, Kingstone Insurance Company (KICO), has completed various reinsurance agreements for the treaty year commencing July 1st, 2017. According to a statement released by the company it secured increased reinsurance protection under improved terms, and also managed to further ... Read the full article
Reinsurers’ betting on benign loss year, market bottom elusive: Peel Hunt
10th July 2017
Further, and steeper-than-expected rate declines across the U.S. property catastrophe space at the mid-year renewals suggests the reinsurance market is struggling to find a bottom, as players bank on yet another benign underwriting year, according to analysts at Peel Hunt. Citing reinsurance broker Willis Re's recent analysis, Peel Hunt, in a ... Read the full article
Reinsurance softening persists at mid-year renewals: Willis Re
3rd July 2017
Despite reinsurers' results continuing to deteriorate in the first-quarter of 2017, mid-year reinsurance industry renewals saw a continuation of the downward trend seen at January 1st and April 1st, according to Willis Re's latest 1st view report. The softening reinsurance market landscape persisted at the mid-year renewals, with buyers ... Read the full article
Florida insurers propped up by reinsurance capacity at all-time high: KBRA
20th June 2017
Abundant reinsurance capacity at ever-decreasing pricing has been a lifeboat for Florida insurers at the 2017 second quarter renewals, after their profitability has been shaken by rising water-loss and fraudulent AOB claims, the Kroll Bond Rating Agency (KBRA) highlighted in its Floridian market report. Floridian primary insurers were given a much-needed boost by ... Read the full article
Blue Capital nearly doubles indemnity reinsurance in June renewals
19th June 2017
In the June 1st renewals Blue Capital updated its portfolio to nearly double its indemnity reinsurance contracts to an expected total annual premium of $4.7 million, up by $2 million from the same period last year. The firm said it expects to underwrite business to produce a net rate on-line for the portfolio ... Read the full article
Overall, mid-year reinsurance renewals to be less negative than June 1st: RBC
13th June 2017
Despite a notable acceleration of price reductions in the reinsurance industry at the June 1st renewals, overall, analysts at RBC Capital Markets expect mid-year renewals to be less negative with prices starting to bottom out. Price declines in the global reinsurance market declined by an average of 5% at the recent ... Read the full article
Excess capacity continues to dominate Florida property catastrophe market: Peel Hunt
12th June 2017
Pressure on Florida focused reinsurers to cut back exposures is mounting as June 1 property catastrophe reinsurance renewals show continued rate declines as the long-awaited pricing bottom fails to materialise in a market dominated by excess capacity. Peel Hunt equity analysts have echoed JLT Re's estimate of a 5.1% rate drop ... Read the full article
IAG purchases additional $1 billion catastrophe reinsurance cover
9th June 2017
Australian general insurer Insurance Australia Group (IAG) has strengthened its reinsurance cover through the purchase of an additional $1 billion catastrophe protection on top of its existing $7 billion programme. The $1 billion reinsurance deal includes one prepaid reinstatement and begins on 1st of June running for a contractual period of 19 ... Read the full article
No sign pricing will bounce back quickly as reinsurance market nears bottom: Deutsche Bank
9th June 2017
The January 1st, 2018 renewal season could see pricing in the reinsurance market finally reach the elusive and much discussed bottom of the cycle, with the question then turning to how long the trough will be, suggests analysts at Deutsche Bank. Deutsche Bank has completed its seventh Global Financial Services Conference in ... Read the full article
Reinsurer ROEs to diminish further regardless of reduced loss activity: KBW
8th June 2017
Any "subsidy" to the return on equities (ROEs) of reinsurers is likely to diminish in response to persistent and worse-than-anticipated rate declines at recent renewals, regardless of fewer catastrophe events in the coming months, according to Keefe, Bruyette, & Woods (KBW). For the most part, the utilisation of reserves and the ... Read the full article
Heritage completes reinsurance placement at cheaper cost & improved terms
6th June 2017
Heritage Insurance Holdings, Inc.'s insurance subsidiaries, Heritage Property & Casualty Insurance Company (Heritage P&C) and Zephyr Insurance Company (Zephyr), have completed their respective 2017-2018 reinsurance programmes at a reduced cost and under improved terms. The programmes are incorporated into one reinsurance structure and includes traditional reinsurance, collateralized reinsurance, coverage by the Florida Hurricane ... Read the full article
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