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.
According to broking group Howden, inflows are accelerating in ILS arrangements for casualty, managing general agents (MGAs), cyber insurance-linked securities (cyber ILS) and reinsurance sidecars, as capacity providers look to grow existing premium pools.
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German reinsurer Hannover Re has today reported an inflation and risk-adjusted price decline on renewed business of 2.1% at the January 1st 2025 renewals, while the firm took advantage of greater demand for protection, growing its portfolio by 7.6% to more than EUR 11.03 billion.
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Global reinsurer Hannover Re increased its natural catastrophe retrocession protections at the January 1st, 2025, reinsurance renewals by EUR 100 million to a little more than EUR 1.2 billion, with growth in the aggregate excess of loss and whole account excess of loss covers more than offsetting a reduced K-Cessions sidecar for the year.
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Speaking during the Everest fourth-quarter earnings call yesterday, CFO Mark Kociancic explained that the reduced size of the firm’s catastrophe bond program has enabled it to retain more of the economics from its natural catastrophe underwriting.
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With capital levels of insurance-linked securities (ILS) reaching new highs in 2024, and returns across the market remaining attractive, “with particularly strong catastrophe bond issuance,” rating agency Fitch anticipates sustained robust growth in the supply of alternative reinsurance capital throughout 2025.
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Executives at RenaissanceRe (RenRe), the Bermuda-based reinsurer and third party capital manager, have said that the California wildfires may drive underwriting opportunities for the industry at the mid-year renewals, while also stating that the company’s insurance-linked securities (ILS) structures and JV’s remain well-positioned following the event.
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According to Gallagher Re, reinsurers within the EMEA regions looked to obtain growth across Europe at the key 1/1 renewals, with many offering more capacity as they aimed to achieve their growth mandates which came almost exclusively from incumbent reinsurers, in part empowered with ILS-fueled new sidecar capacity.
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The global market for property catastrophe reinsurance is getting more competitive and analysts at Evercore ISI say they expect capital flows to the sector will continue, which they believe could result in demand being outstripped.
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According to ratings agency AM Best, underlying insurance-linked securities (ILS) capital expanded throughout 2024 due to a large quantity of investors reinvesting their earnings across the market, which further expanded deployable ILS capacity.
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Signal Iduna Reinsurance Ltd. (SI Re), the Swiss based reinsurer, has reported that while the reinsurance industry experienced an orderly renewal season in January, the strong performance of the insurance-linked securities (ILS) market helped to reopen the retrocession market during the key renewals.
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