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.
A general shortage of reinsurance capacity for some peak zone perils, particularly US wind, has been a particularly decisive factor in driving the recent spread widening in the catastrophe bond market, resulting in much higher cat bond yields, specialist investment manager Plenum has explained.
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Having just announced the renewal of a record $7.2 billion reinsurance tower, the New Zealand Earthquake Commission (EQC) told Artemis that still less than 2% of this capacity comes from fronted insurance-linked securities (ILS) fund sources.
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The insurance and reinsurance industry would have welcomed “reforms that helped the industry today” in Florida’s property insurance market, according to the CEO of CaseGlide, as notices of intent to litigate claims rose 10% in the state in May.
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The global reinsurance market could take “several years” to regain its confidence in Florida and appetite to underwrite more business there, as uncertainty remains over how effective recent property insurance reforms will be, according to analysts at KBW.
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Florida’s Citizens Property Insurance Corporation, the property insurer of last resort in the state, continues to work on filling out its reinsurance towers for the 2022 wind season, a process that has been a particular struggle given the challenging reinsurance market environment.
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Despite the hardening of global reinsurance markets, the New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has expanded its reinsurance program to a record size of $7.2 billion of protection.
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Speaking at a recent analyst conference, Swiss Re’s Group Chief Underwriting Officer Thierry Léger explained that pricing is now hard in the natural catastrophe reinsurance space, but that further rate hardening is also expected.
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Southern Fidelity Insurance Company, the Florida focused primary insurance carrier that counts investment manager Hudson Structured Capital Management Ltd. as a key backer, appears likely to wind-down after failing to secure the reinsurance it needs and subsequently losing its Demotech rating.
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Florida headquartered, nationally expansive U.S. property casualty insurer, Heritage Insurance Holdings, Inc., is set to retain more risk this year as the company announces the details of its 2022-2023 reinsurance renewal.
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The first catastrophe bond to be sponsored by insurance group Core Specialty is a rare excess and surplus (E&S) focused transaction, the company said as it hailed completion of its new $65 million Yosemite Re Ltd. (Series 2022-1) catastrophe bond alongside its reinsurance renewal.
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