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.
The collateralised reinsurance sidecar market and private quota share transactions entered into by insurance-linked securities (ILS) funds and investors may face the highest impacts from Covid-19 pandemic related claims, A.M. Best has said.We've been raising the subject of sidecar and quota share ILS market and investor exposure to claims from read the full article →
Florida’s Citizens Property Insurance Corporation has increased its budget for catastrophe bond and reinsurance risk transfer spend for the 2020 wind season, with part of this increase set to support the higher rates seen in the Florida market.The risk transfer and reinsurance budget requested at a Board meeting yesterday was read the full article →
Everest Re, the global insurance and reinsurance firm, has been buying hedging protection in the form of industry-loss warranty (ILW) coverage in 2020, while catastrophe bonds and its Mt. Logan Re collateralised reinsurance vehicle also continue to play a key role in its protection for the all-important hurricane season.Speaking during read the full article →
We're told that underwriters from some of the biggest insurance-linked securities (ILS) fund managers have effectively "downed pens" on the Florida reinsurance renewals, in reaction to the pricing and terms on offer.The Florida reinsurance renewals at June 1st 2020 were always going to be contentious.Enough has happened over the last read the full article →
The Texas Windstorm Insurance Association's (TWIA) mid-year 2020 reinsurance and catastrophe bond renewal looks set to depend on pricing this year, as the insurer is aware of challenges faced in both marketplaces and will look to maximise on coverage at the best possible and most efficient pricing as it builds read the full article →
The United States Treasury has shown in a letter that it is opposed to legislative moves that could force retroactive business interruption claims related to the Covid-19 pandemic onto the insurance and reinsurance industry.The business interruption issues related to the Covid-19 coronavirus pandemic continue to gain air time, with uncertainty read the full article →
Renaissance Re, the Bermuda-based reinsurance underwriter and manager of increasing amounts of third-party capital, believes that Covid-19 uncertainty means "substantial amounts of collateral will be trapped" at the end of 2020, the firms CEO Kevin O'Donnell has said.Trapping of collateral has always been expected, given the uncertainty over potential losses read the full article →
Australian primary insurance giant Suncorp has said that completion of its catastrophe reinsurance renewal by July 1 remains on track, but highlighted that placing its aggregate reinsurance coverage could be more of a challenge to place.Suncorp's losses from natural catastrophes and severe weather over the last year had already eroded read the full article →
The Texas Windstorm Insurance Association (TWIA) is likely to target $200 million or perhaps greater of protection from an Alamo Re II Ltd. catastrophe bond issuance for 2020, as the capital markets look set to continue playing an important role in its reinsurance program.As we explained back in February, TWIA read the full article →
Broker Willis Re has called on its clients and their counterparties to "accelerate the reinsurance calendar" as a response to the Covid-19 pandemic and to avoid any undue delays.Willis Re has been relatively vocal over issues faced by brokers in servicing their clients since the global lockdown due to the read the full article →