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.
Property and casualty insurer UPC Insurance, part of United Insurance Holdings Corp., has almost filled the lower-layers of its mid-year reinsurance tower, but the coverage has been restructured to an occurrence tower, instead of the cascading aggregate protection the insurer had in prior years.
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The insurance-linked securities (ILS) market needs to address some of the issues that have emerged through the soft market period in reinsurance, in order to ensure it can hold onto its capital base, Luca Albertini, CEO of Leadenhall Capital Partners explained to us in a recent interview.
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Munich Re has delivered a €608m profit for the first-quarter of 2022 despite a reasonably high burden from catastrophes, the COVID-19 pandemic and the first claims related to the conflict in Ukraine.
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Bermuda headquartered reinsurance firm RenaissanceRe continues to expand its Capital Partners team, adding Keenan Press from Horseshoe as a new VP to lead on investor due diligence, as well as two new analysts in recent weeks.
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Commenting on the potential for legislative reform in the challenged property insurance market of Florida, RenaissanceRe CEO Kevin O’Donnell remarked that a reduction in the FHCF attachment point will change nothing for his reinsurance firm’s view of risk in the state.
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France headquartered globally active reinsurance firm SCOR has increased its third-party capital support in the first-quarter of 2022, taking the capital managed under its collateralised reinsurance sidecar platform to US $400 million.
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Global reinsurance firm SCOR has reported a loss for the first-quarter of 2022, as claims from natural catastrophes and mortality related to the COVID-19 pandemic, as well as reserving for losses from the conflict in Ukraine, all dented its performance.
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Global reinsurance giant Swiss Re looks set to remain underweight on Florida reinsurance business, as unless the market accepts its view of risk, the company is unlikely to expand in the state and lacks optimism on the potential for pricing to rise adequately, its CFO John Dacey explained this morning.
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US primary insurance giant Allstate has renewed its main excess catastrophe reinsurance towers for 2022 into 2023 and the company has raised the top of its per-occurrence reinsurance coverage to $6.6 billion, but on the aggregate side the tower has shrunk with coverage attaching lower-down now thanks to the use of event deductibles.
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In reporting its results this morning, specialist underwriter Hiscox Group said that net inflows into its Hiscox ILS business had allowed the company to capitalise on the hard market in North American catastrophe reinsurance and retrocession in the first-quarter.
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