Renewals

Has reinsurer sentiment shifted ahead of 1.1?

When the industry gathered in Monte Carlo for the annual Rendez-Vous around six weeks ago, one of the big questions on everyone’s lips was what would happen if this year’s Atlantic hurricane season spared the (re)insurance sector notable losses.

Flat to soft marine renewals expected with Milton impact limited

Conditions at the upcoming marine reinsurance renewals are expected to be flat to slightly soft, driven by continued capacity oversupply and expectations for a relatively limited market impact from Hurricane Milton.

Milton uncertainty hangs over renewal talks as reinsurers step up focus on European loss creep

European reinsurance buyers will enter this week’s Baden-Baden talks with a cloud of uncertainty over their upcoming 1.1 renewals as the market continues to digest the impact of Hurricane Milton.

Firm order terms issued with double-digit rate rises for IG $3.1bn XoL program

Axa XL has issued firm order terms for the International Group’s $3.1bn excess of loss reinsurance program that will see double-digit rate increases to all layers of its protection and indemnity tower, The Insurer can reveal.

Hannover Re retro reduction could boost earned premiums by €150mn at 1.1: KBW

Hannover Re has confirmed it is looking to reduce its retro spend at 1 January 2025, in a move which could lead to around €150mn of additional earned premium.

Milton set to curtail property softening but not currently viewed as market mover

Hurricane Milton’s potential to be “the big one” took over conversations at the CIAB and APCIA events earlier this week as talk turned to the possibility of a market-moving event, but a southerly shift in track meant the worst-case scenario did not play out.

Signs of stabilizing reinsurance market for regionals navigating SCS challenges

US regional insurers including mutuals hit by severe convection storm losses are facing a more stable property renewal amid signs of some returning appetite from reinsurers, including with the renewal of Guy Carpenter’s RAP facility, The Insurer can reveal.

Milton threatens to reverse direction of property cat renewal

Hurricane Milton’s rapid intensification on Monday to a Category 5 storm with Tampa Bay in its sights was met with a predictable sell-off of Florida carrier stocks as well as talk of a sudden shift in dynamics in the property cat reinsurance market ahead of 2025 renewals.

Milton could bring back the fear…

It was less than two weeks ago as Hurricane Helene was making its path towards a US landfall that industry executives on a panel discussion hosted by cat MGA AmRisc were asked what kind of loss event could alter the trajectory of the E&S property market.

US casualty concerns extending into international market

Casualty is dominating discussions among senior executives amid continued uncertainty over reserve adequacy and pricing levels, and while the issues are most apparent in the US, there are growing concerns about the international market too even if it remains broadly profitable.

Signs of further reinsurer retrenchment in US casualty as loss trend concerns mount

Some Bermudian and other reinsurers that have grown in US casualty in recent years to take up the slack left by the pullback of continental reinsurers appear to be signalling reduced appetite for the business ahead of 1.1.

Canadian cedants facing hefty rate rises in wake of record cat year

Reinsurers are expected to push for substantial rate increases and higher retentions on Canadian business at the 1 January 2025 property renewals as the country reels from what is already its worst ever year for insured catastrophe losses.

Hannover Re’s Freiboth: Property valuations and casualty loss trends in focus for renewals

Hannover Re’s managing director for North America Axel Freiboth has said there must still be a focus on scrutinizing property valuations in underlying portfolios as well as casualty loss trends as he touched on expectations for the upcoming 1 January renewal.

Bridging the gap…

While not exactly a drawing of battle lines, most reinsurers are making their position clear on maintaining retentions and first-layer attachment points ahead of what is expected to be a relatively stable property catastrophe renewal season.

Scor’s Conoscente: Insurance industry must address under-pricing in property and casualty

Amid calls from brokers for reinsurers to provide lower-attaching property cat coverage and resistance to attempts to further cut ceding commissions on US casualty quota shares, Scor’s Jean-Paul Conoscente has said the industry must first address under-pricing at the primary level.

Airline segment remains “buyers’ market” as capacity growth continues: Gallagher

Continued capacity growth has led to further competition in the airline market, with the upcoming reinsurance renewals set to play a critical role in defining the sector’s future underwriting direction, according to Gallagher Specialty.

MC roundtable: Reinsurers urged to be disciplined during nuanced 1.1 property cat renewal

Reinsurers will look to maintain the discipline shown at mid-year during the upcoming 1 January property catastrophe renewals as cedants seek to solve continued earnings volatility concerns, while discussions will be increasingly nuanced with much depending on the performance of each account.

Axa Climate continues as Mesoamerican Reef Fund capacity provider in fourth annual placement

Axa Climate has been renewed as insurance capacity provider for the fourth annual placement of the Mesoamerican Reef Fund’s insurance programme.

Hurricane Helene will serve as useful reminder in build-up to renewals: Citi

Hurricane Helene will serve as a useful reminder that rates and terms and conditions remain resilient in the run-up to 1 January, according to Citi’s James Shuck.

Fitch survey: Reinsurance market faces mixed pricing expectations for 2025

Reinsurance market participants have mixed pricing expectations for 2025, according to a Fitch Ratings survey conducted during the Rendez-Vous de Septembre in Monte Carlo.

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