All Renewals articles – Page 2
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Hannover Re Q1 profit on track to meet 2023 target
Third largest reinsurer announces quarterly profit of €484m and a combined ratio of 92.3% on its property and casualty business.
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Three factors keeping global non-life reinsurance outlook stable – AM Best
Positive pricing momentum leads the list of reasons why rating agency AM Best has maintained a positive view on the non-life reinsurance sector globally.
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Aon suggests stability in rates in its reinsurance market report
The broker’s Reinsurance Market Dynamics report for April renewals points to signs of stability, after several torrid renewals for its reinsurance-buying clients.
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Hard market dampens ILS investor appetite - AM Best
Sentiment among some ILS managers is that the supply of capital will remain tepid for some time
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Hardest renewal market in years as industry approaches 1 April
A shortage of capacity in property catastrophe markets has resulted in the hardest market since 9/11
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Swiss Re posts 2022 net income of $472m after tumultuous year
Large nat cat claims reached $2.7 billion as the P&C Re combined ratio rose to 102.4% for the full year
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Hannover Re sees property cat rate hikes of 30%
Prices and conditions ’not seen in decades’ was present at 1 January, as reinsurer looks to mid year
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SCOR rebalances book during ‘best market in decades’
Reinsurer further reduces exposure to natural catastrophe risks by 14% at 1 January
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Hesitant capital remains sidelined despite rating improvements - AM best
High levels of nat cat losses, coupled with rising inflation and geopolitical concerns, is denting appetite for property cat
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Swiss Re’s three renewals takeaways
Capacity conundrums, late negotiations, rate increases and tighter wordings all came into play at 1 January
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Over $24 billion premium renewed via Supercede platform
Co-founder predicts 2023 will be an important year for ’reinsurtech’ as customers report 85% operational savings
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Consilium names Paul Richards Co-CEO
He will lead the business as Co-CEO alongside James Baird who was appointed CEO in November
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Reinsurers’ underwriting margins to expand in 2023
Fitch believes some property catastrophe risks could become uninsurable as industry capital shrinks by 15%
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Fema cuts NFIP reinsurance programme for 2023
Its reinsurance placement has halved to $500m, amid hardening rates and diminishing capacity
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1/1 ‘down to the wire’ with possible reputational consequences
Areas of most constraint were peak-zone US property cat and coverage for war and SRCC, finds Gallagher Re’s 1st View
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1 January confirms dislocated reinsurance and retro markets
Some US buyers failed to fill their programmes as Howden describes one of the ‘hardest reinsurance markets in living memory’
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1/1 renewal is the ‘most challenging’ sector has experienced - Guy Carp
There are still placements to complete as broker compares dislocated market to post-9/11 and KRW
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Florida reforms will offer relief to ‘dire situation’ - AM Best
New laws include the elimination of AoB. But reinsurance and ILS capacity will remain limited for some time
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Descartes launches balance sheet insurer
Sébastien Piguet, Descartes Underwriting’s chief underwriting officer, will serve as CEO of Descartes Insurance
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Inflation and nat cats are creating ‘perfect storm’ at 1/1
A sharp reduction in available nat cat reinsurance capacity will make for a challenging renewal season - Clyde & Co