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.
The California Earthquake Authority (CEA) is targeting to increase the size of its risk transfer and reinsurance program to a new high of almost $9.8 billion of limit in 2021.
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The complexities surrounding the development of an ultimate of insurance and reinsurance market losses from the recent US winter storm event are set to be significant, with broker Aon warning to expect a prolonged period of loss creep.
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Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds.
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RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, has announced a rebranding of its Ventures business as RenaissanceRe Capital Partners, with Chris Parry taking the lead role as its Global Head.
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Industry losses from recent winter storm activity in the United States are seen as another driver for more firming of reinsurance prices at the key mid-year renewals, according to analysts at Keefe, Bruyette & Woods.
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Hiscox Group, the specialist insurance or reinsurance underwriter and ILS capital manager, says its reinsurance and insurance-linked securities (ILS) unit Hiscox Re & ILS is seeing the best market conditions in at least five years, with an expectation of a return to growth.
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RSA Group, the UK based insurance group, has cut its main Group Volatility Cover, an aggregate reinsurance protection, as it balanced cost against the protection it offered at the January 2021 reinsurance renewals.
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Global insurance and reinsurance group AXA has reduced its exposure to peak U.S. natural catastrophe events at the January 2021 renewals, lowering its retention for major hurricanes and earthquakes by one-third and its aggregate tower retention as well.
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AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, saw a significant increase in prices at the January 2021 reinsurance renewals, compared to price increases a year earlier.
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Global reinsurance giant Munich Re is bullish about the upcoming April and mid-year renewal seasons in 2021, forecasting a positive market environment and growth opportunities as it reported its 2020 results this morning.
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