Latest Reinsurance Headlines
All the headlines from our Reinsurance Topic Page, ordered by recency.
Swiss Re Revamps Structure by Splitting Reinsurance Biz, Creating Client Business Unit
Feb 2 2023 // Swiss Re announced plans to streamline its organizational structure by splitting its current Reinsurance Business Unit into P&C Re and L&H Re, while creating a new business unit called Global Clients and...
Rising Costs of Secondary Perils Force Reinsurers to Require Higher Attachment Points
Jan 31 2023 // Economic and insured losses from secondary perils from natural catastrophes are accelerating and surpassing the loss totals from primary perils, which is leading reinsurers to require higher attachment points, according to...
S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023
Jan 30 2023 // A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during...
January Reinsurance Renewals Were Most Challenging in 2 Decades: MMC’s Doyle
Jan 27 2023 // The most challenging January reinsurance renewals in nearly two decades saw global property catastrophe rate increases of 25% to 60% with loss-affected clients facing even higher prices, according to John Doyle, president...
No Class of 2023: Why Capital Is Sitting on the Reinsurance Sidelines
Jan 25 2023 // Until investors can be convinced that property-catastrophe reinsurance pricing has caught up with recurring event losses, they’ll continue to sit on the market sidelines, a market executive said recently. During an...
Hannover Re Transfers Cyber Risks to Capital Markets via Proportional Reinsurance
Jan 24 2023 // Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone...
Jan. 1 Renewals: ‘They Got Done’; Carrier Overreliance on Reinsurers Corrected
Jan 24 2023 // When an AM Best analyst said, “Apparently, things didn’t go that bad” to describe 1/1 reinsurance renewals, he wasn’t actually saying anything unique. Carlos Wong-Fupuy, a senior director for AM...
Consilium Launches Cedent Facultative Reinsurance Division
Jan 23 2023 // Consilium, the London-based speciality re/insurance broking business of the Aventum Group, announced the launch of a new cedent driven facultative (FAC) reinsurance division. Simon Richardson Simon Richardson has been...
January Renewals See Hardest Property-Catastrophe Reinsurance Rates in a Generation
Jan 23 2023 // A convergence of global events has led to the hardest property catastrophe reinsurance market in a generation and a “complex,” “grueling” and “late” January renewal season, which went...
It’s Not Over: Tough Times to Persist for Reinsurance
Jan 20 2023 // Repeating words like “frustrated” and “disappointed,” which also punctuated earlier reinsurance broker reports on the Jan. 1 reinsurance renewals to describe buyers’ reactions, Aon suggested...
TWIA to Pursue $2.9B in Reinsurance for 2023 Storm Season
Jan 19 2023 // The Texas Windstorm Insurance Associated (TWIA) board of directors voted Thursday to authorize broker Gallagher Re to pursue $2.92 billion in reinsurance for the 2023 storm season. The TWIA board also voted to establish...
Castlelake Launches Bermuda Reinsurer, Itasca Re, for Aircraft Assets
Jan 19 2023 // U.S.-based alternative investment manager Castlelake, L.P. announced the creation of a Bermuda-licensed reinsurance company, Itasca Re Limited, to offer insurance financing to buyers and owners of commercial aircraft...
Reinsurers Retreat From U.S. Disaster Hotspots on Climate Risks
Jan 12 2023 // Reinsurers are increasingly reconsidering their business in natural disaster-prone locations including California and Florida as losses mount, according to Moody’s Investors Service. Climate change has increased...
Beazley Launches Global Re/insurance Market’s First Cyber Catastrophe Bond
Jan 9 2023 // Specialist insurer Beazley has launched the global insurance market’s first cyber catastrophe bond. The $45 million bond gives Beazley indemnity against all perils in excess of a $300 million catastrophe event, with...
Black Sea Shipping Costs Rise on Higher War Risk Insurance, Reinsurer Exclusions
Jan 6 2023 // Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said. The Black Sea is crucial...
January Renewals See Hardest Property Catastrophe Reinsurance Rates in Generation
Jan 4 2023 // A convergence of global events has led to the hardest property-catastrophe reinsurance market in a generation and a “complex,” “grueling” and “late” January renewal season, which went...
Ship Insurers to Cancel War Risk Cover for Russia, Ukraine Following Reinsurer Exit
Dec 28 2022 // Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew...
RiverStone Enters Loss Portfolio Transfer Reinsurance Agreement With AXIS Capital
Dec 16 2022 // RiverStone International, the Bermuda-based acquirer and reinsurer of legacy and discontinued insurance business, announced it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS...
Ship Reinsurers to Cease Covering War-Related Risks Related to Conflict in Ukraine
Dec 16 2022 // Some of the biggest names in ship reinsurance are days away from ceasing to cover key war-related risks for vessels going to Russia and Ukraine, a potential source of alarm for shipping firms moving everything from oil to...
Florida Bills Offer Broad Attack on Insurance Costs: Legal Fees, AOBs, Reinsurance
Dec 11 2022 // After years of what some insurers have labeled half-measures, Florida lawmakers appear to be on the cusp of delivering “historic” and “transformational” reforms that would end one-way attorney fees,...
