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.
Florida headquartered insurer Universal Insurance Holdings is making progress with its mid-year reinsurance renewal with its first catastrophe bond, the $150 million Cosaint Re Pte. Ltd. (Series 2021-1) transaction oversubscribed by investor demand, according to its CEO Stephen J. Donaghy.
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Reinsurance capacity remains adequate and demand for protection globally remains high, according to executives at Marsh McLennan and Guy Carpenter, but Florida is a “different animal” according to GC CEO Peter Hearn.
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SCOR Investment Partners, the asset management company of the global reinsurance group SCOR, has now completed the integration of London based ILS fund manager Coriolis Capital Limited, which takes the firms overall insurance-linked securities (ILS) assets under management to over US $2.6 billion.
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While momentum in reinsurance pricing has been seen to slow, analysts at Berenberg are the latest to say that they believe the main trends driving recent firming remain intact and should push pricing higher at the key mid-year renewals.
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Artemis’ data shows that robust investor demand for traditional 144A catastrophe bond-linked returns resulted in strong pricing execution for sponsors of transactions in the first-quarter of 2021, a trend that has continued into Q2.
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The current hardening of reinsurance rates is not being driven by any supply of capital related factors, unlike previous firming, which alongside a number of other catalysts means that further rate gains are to be expected, although it’s more challenging to tell how much, David Flandro of HX Analytics explained recently.
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Alternative reinsurance capital levels, largely from insurance-linked securities (ILS), continued to rebound in the fourth-quarter of 2020, adding $2 billion to end the year at $94 billion, according to the latest data from broker Aon.
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The litigation issue and resulting loss inflation and amplification continues for Florida homeowners’ insurers, with the latest report from United Insurance Holdings (UPC Insurance) suggesting that the issue is worsening in 2021.
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Average pricing for Japanese windstorm related reinsurance coverage reached a 25 year high at the recent April 2021 renewal season, while reinsurance buyers also sought out more limit to protect both global and Japanese domestic catastrophe exposures on a combined basis, according to Guy Carpenter.
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The April reinsurance renewal season confirmed SCOR’s expectations of “significant and generalized market hardening trends” according to Jean-Paul Conoscente, CEO of SCOR Global P&C.
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