Property reinsurance

European reinsurance: Key talking points from the Q3 earnings season

Hannover Re was the only one of the big four European reinsurers to not deliver a major surprise in its Q3 results, with profit warnings at Munich Re and Swiss Re and a life charge at Scor providing the earnings season’s main headlines.

Aon: Casualty re not in hard market as property softening driven by competition

The casualty treaty is a “nuanced” space but not in hard market territory, while property cat reinsurance is expected to become more competitive priced with strong appetite from reinsurers, according to Aon management.

KBRA: Florida carriers better protected this year due to larger reinsurance towers

Many Florida carriers’ increased reinsurance limits, combined with extensive primary rate increases, mean that they are in better shape for the hurricane season than they were previously, an analysis from rating agency KBRA has noted.

Jetty reaches new reinsurance capacity deals with Fortegra and Allianz

Jetty has inked new reinsurance capacity deals with Fortegra and Allianz, with the two insurers sitting behind fronting carrier State National on all new policies written on the insurtech MGA’s flagship deposit and renters’ coverages.

Hamilton’s Albo sees “increased” casualty re “opportunity”, as investors respond favourably to Q2

Hamilton Insurance Group sees a continued “favourable market environment” with attractive pricing and terms for property reinsurance and “increased opportunity” in casualty reinsurance, as well as strong E&S flow, CEO Pina Albo has commented.

Greenlight Re sees “attractive opportunities” in property and specialty while casualty “more complicated”

Greenlight Re’s CEO has stated he is positive about his company’s portfolio and market conditions following a renewal season that was in line with expectations, although the Cayman Islands-based reinsurer is more “cautious in casualty”.

IQUW promotes MacDonald to head of property

Lloyd’s insurer IQUW has promoted Robbie MacDonald to head of property.

IAG strikes five-year cat ri deal with Berkshire and A$650mn Enstar ADC

IAG has purchased long-term natural perils volatility protection from Berkshire Hathaway and Canada Life Reinsurance providing up to A$680mn of limit annually for future events and a A$650mn adverse development cover from Enstar to protect its A$2.5bn long-tail reserves for prior years.

Universal secures “modest” cat program cost increase as 1st event tower reduces to $2.4bn

Florida carrier Universal Insurance Holdings has secured a combined catastrophe reinsurance program with no material changes to historical reinsurance partners or terms and conditions in a placement that included “considerably more private market catastrophe capacity demand”.

MMA: $75bn+ insured event would be needed to temper “cautious optimism” in property reinsurance

A Marsh McLennan Agency (MMA) report has noted that the US property market is displaying signs of increased stability for the first time in six years, with the broker also suggesting it would take a single insured event of more than $75bn in losses “to temper the cautious optimism in reinsurance”.

BDA CEO Hart: Bermuda Risk Summit hits new heights

As the sun sets on the third annual Bermuda Risk Summit, The Insurer TV sat down with Bermuda Business Development Agency (BDA) CEO, David Hart, to discuss some of the highlights from the event’s agenda and Bermuda's evolving role in the global insurance sector.

AFG’s cat treaty attachment point increases by $20mn at 1.1

American Financial Group (AFG) management has revealed the retention on its property cat program increased to $70mn from $50mn at the 1.1 renewal, as its leadership also suggested that rate increases on its underlying book are staying ahead prospective loss cost trends.

Everest Re promotes Volker to chairman of global property

Everest Re has promoted long-serving company veteran Chuck Volker to chairman of its global property team.

Guy Carpenter: Global property cat RoL index up 5.4% year-on-year

Guy Carpenter’s global property cat rate-on-line index increased by 5.4 percent at the 1.1 renewal – including a 5.25 percent rise in the US and 7.6 percent increase in Europe – which the broker said was driven by regional loss activity, structure adjustments and ongoing scrutiny of pricing adequacy.

Howden: Property cat renewal “stable and orderly” as rates rise 3%

The 1 January reinsurance renewals were “relatively stable and orderly” with the dislocation that characterised last year’s renewal “far less acute”, as global property catastrophe pricing increased 3 percent on a risk-adjusted basis while rates for retrocession and D&F business were flat, Howden has reported.

Reinsurance entering 2024 from position of strength: Guy Carpenter

The reinsurance market will begin 2024 “from a position of strength” with pricing firm and capital in plentiful supply, executives from Guy Carpenter have declared.

GC: Global cat rates near-flat to up 30% with pressure on casualty at 1.1

The 1 January property market has seen global cat risk-adjusted rate changes averaging from near-flat to single-digits up for loss-free programs and 10-30 percent for those impacted by losses, as there was also pressure on quota share cedes and excess of loss pricing in casualty, according to Guy Carpenter.

US casualty concerns spur Swiss Re to continue pruning portfolio

Swiss Re continues to trim its US casualty reinsurance portfolio as its appetite for large corporate-focused programs diminishes due to concerns over rising loss costs in the sector, Monica Ningen has told The Insurer.

Citizens sets $700mn placeholder for private market reinsurance spend

Citizens has a $700mn placeholder in its 2024 operating budget for private risk transfer and an estimated $498mn of ceded premium for Florida Hurricane Catastrophe Fund (FHCF) coverage, with the state-run insurer’s CEO also describing a recently launched investigation by a US Senate committee as “upsetting”.

Berkley CEO: Industry still has “lot of pain” to come from 2016-2019 period

WR Berkley’s Rob Berkley has suggested the 2016 to 2019 period will still cause “a lot of pain” for the industry, while the executive also expects “good news” on more recent casualty years and suggested property reinsurance pricing is likely to erode next year.

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