All of our news and analysis on the retrocessional reinsurance marketplace.
Retrocession is effectively reinsurance for reinsurers, so a tertiary layer of risk transfer away from the original risk, if you consider primary, reinsurance and then retrocession.
As reinsurance is insurance for insurers, retrocessional, or retro, protection is reinsurance for reinsurers.
The retrocession reinsurance market has increasingly come to depend on the capital markets and insurance-linked securities (ILS).
As of mid-year 2022, global retrocession capacity has been estimated to be as high as $60bn, around $20bn of which is indemnity based and the rest in other formats.
The alternative capital markets and ILS funds, or investors, play a significant role in global retrocession, as too do instruments such as catastrophe bonds and industry-loss warranties (ILW).
Pool Re, the UK government backed mutual terrorism reinsurance firm, has now successfully secured the targeted UK £100 million of terrorism retrocession from its fourth catastrophe bond sponsorship, as the Baltic PCC Limited (Series 2026-1) issuance has now priced at the mid-point of guidance, Artemis can report.
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We now have more information about Pool Re’s fourth terrorism catastrophe bond and have learned that the UK government backed mutual terrorism reinsurance firm is seeking £100 million of retrocession from the new Baltic PCC Limited (Series 2026-1) issuance.
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Speaking at the International Forum of Terrorism Risk (Re)Insurance Pools in Sydney, Australia today, Guy Carpenter’s Asia Pacific CEO, Tony Gallagher, has explained the importance of retrocession markets in supporting provision of terrorism reinsurance, highlighting catastrophe bonds as an important and growing mechanism.
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Pool Re, the UK government backed mutual terrorism reinsurance firm, is back in the catastrophe bond market to sponsor its fourth terrorism catastrophe bond, with a Baltic PCC Limited (Series 2026-1) issuance being offered to investors, we understand.
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Hannover Re continued to grow the volumes of its activities as a key insurance-linked securities (ILS) market facilitator in 2025, with securitised reinsurance volumes expanding and collateral furnished for fronted ILS arrangements growing as well.
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Speaking today, Hannover Re’s Sven Althoff explained that softening trends seen in property catastrophe reinsurance are expected to continue through 2026, while he also said that the ongoing conflict in the Middle East could have ramifications for certain specialty lines the reinsurance firm underwrites.
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Hannover Re has reported its full-year 2025 results this morning, with a meaningful increase to net income and clear growth in property and casualty risks, while on the large loss side insurance-linked securities (ILS) capital sources ended up supporting roughly 20% of the large losses it experienced.
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At the January reinsurance renewals SCOR grew its North America catastrophe risk book, seeing pricing as still attractive and also expecting other opportunities to deploy more capacity there this year, while the reinsurer also expanded its Risk Partnerships business where third-party capital partners participate.
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Bermuda-based insurance and reinsurance firm Lancashire Insurance Holdings is very pleased with the outcome of its outwards reinsurance at the January 1, 2026 renewals, with the firm’s Chief Underwriting Officer (CUO) Paul Gregory particularly highlighting a strategic reduction in the firm’s aggregate attachment point.
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UK government backed mutual terrorism reinsurance firm Pool Re has completed the placement of its 2026 retrocession placement, securing £2.75 billion of aggregate excess of loss cover, which also includes new cover for non-damage business interruption (NDBI).
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