Reinsurance renewals news

Heritage Insurance Holdings, Inc. has now finalised its catastrophe excess-of-loss reinsurance renewal for the coming year and hurricane season, with continued diversification away from Florida evident, as for the first time the insurers southeast reinsurance tower is now shorter than its northeast one.

As Everest Re Group rebrands itself, removing the “Re” from its name to transition to just Everest Group, the CEO of the global insurance and reinsurance firm has underscored a “commitment” to the underwriting opportunity.

Global reinsurance giant Swiss Re estimates that the US catastrophe reinsurance market sees approximately $200 billion in demand currently, but says that this is expected to grow by as much as 15% by 2024.

Accessing the catastrophe bond market as an alternative form of retrocession, is something Bermuda-headquartered reinsurance company Conduit Re is “actively considering”, according to Trevor Carvey, CEO.

The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.

After a first-quarter and April reinsurance renewals of growth, global player Munich Re now says the chance it surpasses its full-year guidance for 2023 has increased.

Catastrophe reinsurance providers hold most of the cards for the impending Florida renewals at June 1st, with even legislative efforts to improve the situation “missing the mark” in some cases, a market update from Stonybrook Capital states.

Legislative changes undertaken to reform the Florida property insurance space have “mitigated some of the investor and reinsurer negative sentiment” surrounding exposure in the state, according to United Insurance Holdings Corporation CEO Dan Peed.

With reinsurance rates expected to continue rising in Florida at the mid-year renewals and those gains will be on top of the pricing improvements see a year earlier, Everest Re’s Group COO and Head of Reinsurance Jim Williamson has explained that the economics of business written will be “outstanding” at June 1st.

France headquartered global reinsurer SCOR is expecting market conditions to remain favourable at the mid-year reinsurance renewals in June and July, as it continues to reposition its portfolio under the backdrop of improving pricing and terms.