Reinsurance News
Retrocession
Find all of our news and analysis on the retrocession market below.
Retrocession is essentially reinsurance for reinsurance companies, enabling reinsurers to cede a portion of their risks to another party, for protection and to manage risk or capital.
Typically, a reinsurer (retrocedent) will cede some or all of its reinsurance risk to another reinsurer (known as the retrocessionaire), in order to reduce exposure to major events, to hedge its portfolio, increase underwriting capacity, with the goal of stabilising results and better managing capital.
Read all of our retrocession news below.
Australian terror pool renews $3 bn retro reinsurance programme
1st March 2018
Australia’s terror insurance administrator, Australian Reinsurance Pool Corporation (ARPC), has increased its private reinsurance capacity in its confirmed $3.065 billion retrocession reinsurance programme. The $3.065 billion retrocession reinsurance programme covers about $3.5 trillion in Australian-based commercial property sector assets by insured value, up from $3.4 trillion in 2017. Dr Chris Wallace, ARPC ... Read the full article
Pool Re upsizes retrocession program to £2.1bn, includes cyber terror
1st March 2018
The UK's government-backed mutual terrorism reinsurer Pool Re has renewed its retrocessional reinsurance program at an expanded size and with the inclusion of coverage for cyber terrorism events, a risk the reinsurer has been promising to include within its offering. The retrocession program was increased in size by £100 million ... Read the full article
Capital efficiency strategies drive alternative capital interest: GC Securities
30th January 2018
The collateralized reinsurance and retrocession markets continue to expand despite the impacts of 2017 catastrophe events, as capital management and capital efficiency strategies drive interest in insurance-linked securities' (ILS) mechanisms, according to GC securities, the capital markets and ILS arm of reinsurance broker Guy Carpenter. In a discussion with Reinsurance News around ... Read the full article
European Big Four retrocession largely intact despite heavy loss year: CreditSights
11th December 2017
Although SCOR and Swiss Re have dramatically increased their exposure to U.S. natural catastrophes in recent years, all of the European big four reinsurers still boast ample capacity with retrocession cover largely intact, according to a CreditSights report. Analysts explained that in 2005, Swiss Re had incurred about €1 billion from ... Read the full article
Markel CATCo names Alissa Fredricks CEO, Bermuda
7th December 2017
Markel CATCo Investment Management Ltd. has announced that its previous Chief Risk Officer (CRO), Alissa Fredricks has been appointed to the newly created position of Chief Executive Officer (CEO), Bermuda, effective immediately. Fredricks joined the firm in 2016 as CRO, where she oversaw the firm's portfolio and all underwriting activity. As ... Read the full article
Markel CATCo raises over $2.3bn of fresh capital for 1/1
29th November 2017
Collateralized reinsurance and retrocessional investment fund manager, Markel CATCo Investment Management Ltd., has raised a huge $2.343 billion of new capital across its private and listed funds, placing the manager in a good position to meet demand at the key January 1st, 2018 renewals. Markel CATCo announced at the end ... Read the full article
Lutece Re begins Bermuda operations, focuses on retro
17th November 2017
Lutece Re has begun operating in Bermuda and plans to underwrite new business from January 1st 2018 with a near-term focus on retro. Erik Manning and Angus Ayliffe, both co-founders of Lutece Re and its affiliates will head up the management team. Lutece Chief Executive Officer, (CEO) Erik Manning, said the firm's ... Read the full article
Reinsurance and retrocession protection cost to increase: RBC Capital Markets
8th November 2017
Carriers could soon be ceding less risks as the cost of reinsurance and retrocession protection is predicted to increase for most market participants, following Q3 global market losses of an estimated $95 billion. Far higher pricing increases are predicted for retrocession than the reinsurance segment, although recent industry losses will be ... Read the full article
Retro market to drive top-down rate changes at 1/1, says Validus execs
1st November 2017
The re/insurance industry's heavy reliance on retrocessional capacity will drive a top-down market change for rates across affected business lines, with traditional reinsurers and primary players pushing for rate increases as retro pricing jumps sharply at January renewals, according to Validus Holdings' executives. "As we have described to you in the ... Read the full article
Roughly 40% of SCOR’s gross Q3 cat losses covered by retro
26th October 2017
France domiciled insurer and reinsurer, SCOR, made use of efficient retrocession protection to mitigate the impacts of high catastrophe losses in the third-quarter of 2017, however, the firm still recorded a pre-tax net loss of €598 million for the period. Global insurers and reinsurers have started to reveal their third-quarter and ... Read the full article
Guy Carpenter opens unit for Asia Pacific retrocession
29th June 2017
Guy Carpenter has announced the launch of a new unit, GC Asia Pacific Retro, offering retrocession services in the Asia Pacific region. The unit will link with Guy Carpenter's marine and aviation Global Specialties units in the region and provide retrocession property solutions, capital raising, and product and capacity development. Kevin Fisher, ... Read the full article
Markel CATCo CEO Tony Belisle extends contract to 2020
21st June 2017
Markel CATCo Investment Management Ltd. Chief Executive Officer (CEO) Tony Belisle will be extending his contract with the firm to the 31st December 2020 after which he'll transition to an indefinite rolling annual basis contract. Belisle, whose original contract would have expired by 31st December 2018, commented; "I am proud of ... Read the full article
Pool Re ups retro reinsurance protection to almost £2 billion
3rd March 2017
Pool Re, the UK government and industry backed terrorism reinsurance scheme, has increased the size of its retrocessional reinsurance program to almost £2 billion. In the last year Pool Re had £1.95 billion of retrocession in place, so the increase is not all that significant in terms of size, but it ... Read the full article
Asian reinsurance sector to become more competitive in 2017: Aon
25th January 2017
The Asian reinsurance market showed signs of stabilisation but continued to soften last year as new players vied for a market share and traditional players reinvented their game with start-ups, re/insurance broker Aon reported in its 2017 Asia review. Aon explained that reinsurance prices were beginning to bottom out but may ... Read the full article
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