Reinsurance News
retrocession
The reinsurance market has “caught up somewhat” with the retro market: Conduit Re’s Roberts
17th May 2023
During Conduit Re’s media call that took place earlier this afternoon following the release of the company’s Q123 results, Chief Underwriting Officer, Greg Roberts responded to a question asked by Reinsurance News in regards to the firm’s retrocession tower, as well as dynamics in the retro market. He said: “We made ... Read the full article
Limited retro capacity causes turbulent renewals in accident reinsurance market: Aon
3rd May 2023
The recent renewals in the Accident, Health, and Life (A&H) reinsurance market have been marked by turbulence due to limited retro capacity in some lines of business, according to Aon's Accident (Re)Insurance April 2023 report. The report highlights that some reinsurers were forced to pay over 100% more in retrocession costs, ... 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
Hannover Re and Stone Ridge in $100m retrocession cyber quota share
19th January 2023
Hannover Re, one of the world's largest reinsurers, has, for the first time, transferred cyber risks to the capital markets via a proportional reinsurance solution, with New York-based Stone Ridge Asset Management supporting the transaction with USD 100 million of capital. The German reinsurer has created an additional retrocession tool that enables ... Read the full article
ARPC finalises $3.5bn terrorism retro program for 2023
18th January 2023
The Australian Reinsurance Pool Corporation (ARPC), which administers the country’s terrorism insurance scheme, has renewed its $3.5 billion retrocession program for 2023 at the same price as 2022. The retrocession, which totals around $3.5 billion, in addition to ARPC’s net assets and the $10 billion Commonwealth guarantee, provides over $14 billion ... Read the full article
CCR Re launches 157 Re sidecar for 2023 with 40% more capital raised
18th January 2023
CCR Re, the French state-owned reinsurer, has sponsored the fifth renewal of its 157 Re 23 sidecar vehicle, increasing the capital raised on the previous year despite an extremely tight retrocession marketplace. According to the reinsurer, it succeeded in increasing the capital raised by over 40% when compared to 2022, ... Read the full article
Retro capacity “materially constrained” at Jan 1, says Gallagher Re
6th January 2023
Non-marine retrocession capacity was "materially constrained" at the January 1st, 2023, reinsurance renewals, with widespread pressures on attachment levels as sellers' concerns around inflation and frequency of losses contributed to a challenging environment, according to Gallagher Re. The retro market has been constrained for some time, and reinsurance broker Gallagher Re's ... Read the full article
SCOR renews €300mn catastrophe / mortality contingent capital facility
19th December 2022
Global reinsurance giant SCOR, has announced the renewal for three years, of a contingent capital facility that will provide the firm with additional capital of up to €300 million of coverage against extreme natural catastrophes or life events impacting mortality. The facility takes the form of a contingent equity line, and ... Read the full article
Underwriting margins to improve in 2022 and retrocession use remains steady: S&P
1st September 2022
Analysts at S&P Global expect underwriting margins to improve in 2022, which “would add resiliency to the sector”. Yet mark-to-market investment losses could weaken reinsurers’ ratings positions. In addition, as retrocession use holds steady, despite higher rates, analysts think that reinsurers aiming to further derisk in 2023 will need to find ... Read the full article
IRB Brasil Re execs say crop losses have exceeded retro limits
17th August 2022
The performance of Brazilian reinsurer IRB Brasil Re in Q2 2022 was negatively impacted by the severe drought in the southern part of the country, leading the firm to exceed the limits of its retrocession protection. Yesterday, the company announced an underwriting loss of R$661.0 million (USD 129.1m) for the ... Read the full article
James River & Fortitude Re enter into $335m LPT retro agreement
1st March 2022
JRG Reinsurance Company Ltd. (JRG Re), a primary operating subsidiary of James River Group Holdings, Ltd., has entered into a $335 million loss portfolio transfer retrocession agreement with Fortitude Reinsurance Company Ltd. Under the terms of the agreement, Fortitude Re will reinsure the majority of the reserves from the firm's casualty ... Read the full article
Property cat pricing hasn’t improved enough to justify the exposure: Everest Re CEO Andrade
11th February 2022
Property catastrophe reinsurance pricing has been on the rise for some time now, but when you consider the impacts of consecutive above-average years of natural disaster events and losses, exacerbated by climate change, it simply hasn't moved enough, according to Juan Andrade, President and Chief Executive Officer (CEO) of Everest ... Read the full article
SCOR’s lower cat exposure driven by climate change not retro pricing, says Conoscente
8th February 2022
The 11% reduction of catastrophe exposures on SCOR's P&C in-force portfolio for 2022 was driven by the reinsurer's adjusted view of risk due to climate change, as the price rises achieved on the cat portfolio offset higher retrocession rates, according to Jean-Paul Conoscente, Chief Executive Officer (CEO) of SCOR Global ... Read the full article
Hannover Re’s aggregate XoL retro cover shrinks by almost 50% at Jan renewal
7th February 2022
For 2022, the size of Hannover Re's aggregate excess-of-loss (XoL) worldwide retrocession reinsurance layer has decreased by almost 50% to approximately €113 million, as the German reinsurer navigated more challenging retro market conditions at the January 1st renewals. As forecast towards the end of last year, aggregate retro capacity was harder ... Read the full article
Better than expected 1/1 conditions leave Conduit Re’s Eckert bullish on outlook
21st January 2022
For Class of 2021 reinsurance start-up, Conduit Re, market conditions at the January 1st, 2022, renewals were ahead of expectations, leading the company's Chairman, Neil Eckert, to be optimistic for the months ahead. Earlier this week, $1.1 billion start-up reinsurer Conduit Re reported its January 2022 trading statement, which showed ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
