Reinsurance renewals news

Reinsurance renewals news and articles. Discussing the trajectory of reinsurance pricing and rates, as well as the flow of reinsurance capital at key market renewal seasons where many reinsurance programs are renewed and new reinsurance and retrocession capital and capacity is deployed.

The reinsurance cycle follows a number of key renewal seasons and the news and analysis below covers these important reinsurance market renewals.

The key reinsurance renewal periods are at January 1st, April 1st, June 1st and July 1st.

The January renewals have a particular focus on European programs, Asia Pacific (ex. Japan), casualty and specialty risks. The mid-year reinsurance renewals see a particular focus on U.S. property catastrophe reinsurance renewals, with Florida a particular focus in June. Japanese reinsurance program renewals are a major focus at April 1st.

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AXA shows pandemic BI impacts continue, with EUR300m settlement

This morning, global insurance company AXA has shown that business interruption impacts from the COVID-19 pandemic continue to be felt, with the company announcing a EUR 300 million settlement offer for French restaurants. Calling it an "amicable solution", AXA France said that it is "offering a clear financial solution to the read the full article →

Commercial property rates still firming, but evidence of deceleration grows

Insurance and reinsurance broker Willis Towers Watson (WTW) reported this week that US commercial property insurance prices continued to rise in the first-quarter of the year, but said that the rate of change has "moderated fairly significantly." "Data for nearly all lines indicated significant price increases in the first quarter; however, read the full article →

Catastrophe budgets under pressure as hurricane season begins: Analysts

After many insurance and reinsurance companies reported elevated catastrophe losses for the first-quarter of 2021, analysts have said that their catastrophe budgets for the year are facing early pressure, with hurricane season now upon us. This had ramifications for the insurance-linked securities (ILS) market, not least in the fact some ILS read the full article →

ILS capital dominates Citizens reinsurance renewal, led by Nephila’s $600m line

Third-party sources of reinsurance capital, largely from the insurance-linked securities (ILS) market, has dominated the reinsurance renewal of Florida's Citizens Property Insurance Corporation in 2021, with ILS giant Nephila Capital the biggest market by a long way thanks to a $600 million line. The ILS market has demonstrated its commitment to read the full article →

Swiss Re forecasts rate hardening in re/insurance through 2022

Global reinsurance giant Swiss Re has forecasted continued rate hardening for the insurance and reinsurance market right the way through 2022, with re/insurers reduced risk appetites due to numerous factors the main driver of rising prices. "We expect re/insurance rate hardening to continue through next year," Swiss Re explained. Adding that, "The read the full article →

TWIA’s 2021 reinsurance tower is 57% multi-year catastrophe bonds

The Texas Windstorm Insurance Association (TWIA) has further demonstrated its commitment to the catastrophe bond market at its 2021 reinsurance renewal, with multi-year coverage from the capital markets now making up 57% of its $1.93 billion program tower. As we've been reporting over recent weeks, TWIA successfully doubled in size its read the full article →

Reinsurance rate momentum to persist, albeit slower paced: Moody’s

With the 2021 Atlantic hurricane season now upon us and forecasts calling for another above average level of activity this year, Moody's Investors Service highlighted challenges this may present to the reinsurance sector, but remains positive on more price momentum, whether it is an impactful year for losses or not. Moody's read the full article →

Property catastrophe reinsurance prices up 5% – 10% at June 1 renewal: HX

Risk-adjusted pricing for property catastrophe reinsurance was up by between 5% and 10% on average at the June 1st renewals, according to the latest data from HX, the data, analytics and advisory division of Howden Group Holdings. Rate momentum was sustained at the reinsurance renewals, but the pace of increases slowed, read the full article →

Universal grows cat reinsurance tower to $3.4bn. Nephila a key market again

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has purchased the largest catastrophe reinsurance tower in its history for the second year running, lifting its Florida first-event cover to over $3.4 billion. The insurance carrier continues to count insurance-linked securities (ILS) investment manager Nephila Capital as a key read the full article →

Start-up reinsurance capital weighs on renewals as much as cat bond rates

Recent low rates and strong execution in the catastrophe bond market is not the only thing weighing on reinsurance rates around this mid-year renewal season, there is also start-up and newly raised capital to consider. Those following our reinsurance renewals news coverage will know that we've documented the fact renewal rate read the full article →