Reinsurance News

Recent tort reforms in Florida have signaled a notable shift in the state’s property insurance market, with June’s reinsurance renewals also providing further evidence of the market’s recovery, according to broker Gallagher Re.

Global insured catastrophe losses have now surpassed the $100 billion level in 2025, according to Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re. But the milestone is no longer the talking point it once was, as the $100 billion figure gets eclipsed year after year.

Florida’s property insurer of last resort Citizens Property Insurance Corporation is anticipating lower reinsurance costs in 2026, as its policy count and exposure-base has continued to decrease meaning less limit is likely to be needed, while there is an expectation of improved market conditions due to softening that may persist.

Auckland, New Zealand-headquartered insurer Tower Insurance has extended its catastrophe reinsurance protection for the coming year at its latest renewal, securing limit to cover a first-event of up to NZ $915 million, while experiencing improved renewal pricing thanks to structural adjustments.

Global reinsurance firm Swiss Re has made Charles Mixon the new Head of Business Development for all insurance-linked securities (ILS) capital raising activities under the Alternative Capital Partners (ACP) division, filling a gap left by the recent departure of Edward Johnson, Artemis has learned.

According to equity analysts at investment bank and financial services specialist TD Cowen, companies in the London insurance and reinsurance market still consider ILS and alternative capital as largely peripheral, believing that it is traditional capital that drives most price pressure in the sector.

Asia is expected to see a steady and continuing increase in insurance-linked securities (ILS) activity, with regionally tailored catastrophe bonds likely to become more of a feature, as heightened climate awareness drives a need for risk transfer and reinsurance, Fitch Ratings has said.

As discussions begin regarding the upcoming January reinsurance renewals, the question of how disciplined ILS managers will remain on contract structures looms, with Cahal Doris, Chief Investment Officer (CIO) Private ILS, at Twelve Securis suggesting that ILS managers would be wrong to give away structural improvements at 1/1.

Oxbridge Re Ltd., the Cayman Islands based reinsurance company, has said that two tranches of tokenized reinsurance securities that fund its collateralized reinsurance sidecar vehicle for 2025 remain on-track to deliver attractive returns. But the prior year vintage of the tokens appears to have been impacted by losses due to hurricane Milton.

According to a new report released by Lockton Re, the reinsurance arm of the privately held independent insurance broker, the capital markets are a critical aspect for the continued growth of the cyber reinsurance market.