Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Catastrophe loss picks and outwards reinsurance in focus for Lloyd’s: Tiernan
8th June 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, explained this morning that catastrophe loss exposure remains a key focus at the insurance and reinsurance marketplace, with loss picks set to be continually scrutinised. Delivering a May market message, Tiernan said that in the past Lloyd's has seen catastrophe losses exceeding plan and ... Read the full article
Russia ratifies law to establish Eurasian Reinsurance Company
7th June 2023
The President of Russia, Vladimir Putin, has signed a Federal Law that ratifies the agreement establishing the Eurasian Reinsurance Company (ERC), which was signed on October 20, 2022, in Yerevan, Armenia's capital. The agreement foresees creation of the ERC, approval of its charter, defining objectives, functions, legal status, financial support of ... Read the full article
Reinsurers to continue to protect their balance sheets: KBW
6th June 2023
Reinsurers' focus on protecting their balance sheets rather than absorbing earnings volatility has led to a trend of shifting unprofitable loss layers back to primary carriers, and executives expect this trend to continue throughout 2023 and likely into 2024, KBW noted. This trend is driven by rising reinsurance rates and ... Read the full article
U.S. P&C reinsurers wrote $27.3 billion of net premiums during Q1 of 2023: RAA
5th June 2023
In a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 17 U. S. property/casualty (P&C) reinsurers wrote $27.3 billion of net premiums during Q1 of 2023, up from $24.6 billion for the same period last year. The firms involved in the survey ... Read the full article
Reinsurance capital is rising again: Howden
2nd June 2023
Amidst a changing market, reinsurance capital is rising again as events that caused its decline through last year start to slowly reverse, Howden Tiger stated in a recent report. A number of global factors are reshaping the reinsurance market landscape. Financial market volatility, inflation and geopolitical tensions, as well as recent ... Read the full article
Property-cat rates up 33%, index hits record high at June 1: Howden Tiger
1st June 2023
Howden Tiger reports a significant increase in reinsurance rates, with risk-adjusted property-catastrophe pricing up 33% on average at June 1 renewals, reaching its highest level since inception. The rate increase fell within the range of 25% to 40%, with variations depending on the specific layer. This follows a 25% increase ... Read the full article
JP Morgan analysts highlight significant improvements in reinsurers’ earnings potential during 2023
30th May 2023
JP Morgan analysts assert that substantial progress has been witnessed in the underlying earnings potential of reinsurers during 2023, indicating a notable improvement. Substantial evidence supports their belief in the considerable improvement within the industry's underlying profitability. "...we believe that there is now relatively clear evidence that the underlying earnings power of ... Read the full article
Reinsurer relationships gain heightened importance as June & July renewals approach: Aon’s Andy Marcell
30th May 2023
Professional services firm Aon's Andy Marcell emphasises that as the industry approaches the June and July renewals, the significance of reinsurer relationships are "more important than ever". Reinsurers have become increasingly discerning in their risk selection due to notable losses from catastrophes, modest investment returns, and the impact of inflationary pressures. This ... Read the full article
SCOR names François de Varenne CFO and deputy CEO
30th May 2023
Global reinsurance firm SCOR has named François de Varenne as its new Group Chief Financial Officer and Deputy CEO. He had been the Interim CEO of SCOR from January 26th 2023, to April 30th this year, while he also holds the position as SCOR's Executive Committee member in charge of Investments, ... Read the full article
State Farm stops writing California property, cites exposure & reinsurance challenges
29th May 2023
US primary insurance giant State Farm is ceasing to underwrite commercial and residential property in the State of California, citing exposure related issues and a challenging reinsurance market environment. The company said that its State Farm General Insurance Company, the firms homeowners insurer in California, will "cease accepting new applications including ... Read the full article
Global minimum tax rules are topic number one: Scott Slater, PwC Bermuda
26th May 2023
The introduction of rules to enforce a global minimum tax rate for large enterprises, which will include many insurance and reinsurance firms, is the highest priority topic for most tax leaders, according to Scott Slater of PwC Bermuda. Scott Slater is a a Partner and the Tax Services ... Read the full article
Kin completes $860 million nat cat reinsurance program
25th May 2023
Homeowners insurtech Kin Insurance has announced the successful completion of its reinsurance program for the Kin Interinsurance Network in Florida. The program, covering the period from June 1, 2023, to May 31, 2024, offers extensive coverage of $860 million for natural catastrophes. This reinsurance initiative provides protection up to a one-in-200 year ... Read the full article
Global Atlantic and MetLife sign $19.2 billion reinsurance agreement
25th May 2023
Leading financials services company Global Atlantic Financial Group and life insurer MetLife, Inc. have entered into a reinsurance agreement valued at $19.2 billion. The deal will see Global Atlantic reinsuring a diversified portfolio of MetLife's U.S. retail annuity and life insurance business, reinforcing Global Atlantic's position as a leading reinsurer in ... Read the full article
Swiss Re joins other major re/insurers in leaving Net-Zero Insurance Alliance
22nd May 2023
Global reinsurance giant Swiss Re is the latest company to announce it will leave the Net-Zero Insurance Alliance (NZIA), becoming the fourth major re/insurer to do so. Swiss Re was a founder member when the Net-Zero Insurance Alliance (NZIA) was launched at the G20 Climate Summit in Venice in 2021. At ... Read the full article
Reinsurance market faces challenges amid surge in cat losses, capital unwinding: Swiss Re
19th May 2023
In a challenging market environment, the reinsurance industry is grappling with significant hurdles as catastrophe losses surge and the reliance on external capital becomes increasingly vulnerable, according to Swiss Re's report titled "The State of the Reinsurance Property Catastrophe market." Over the past two decades, low interest rates have fueled a ... Read the full article
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