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Reinsurance buyers with a relationship-driven approach have come through 2019 renewals in better shape than transaction-based cedants. -
Axa XL cut back revenues on property cat reinsurance business by 7 percent in H1.
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The insurer increased its reinsurance spend by 10 percent in the quarter after adding $400mn top-layer coverage.
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The California-based carrier raised its retention to $40mn, citing high rates.
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The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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The momentum for rate increases has built up in a delayed reaction to losses.
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The rate increases were less differentiated than the 1 June Florida rises.
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Assurant is paying $165mn in premium for the 1 July reinsurance renewal, before tax, a 20.7 percent increase on last year.
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The Lane Financial index has returned to levels not seen since 2012.
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In a pleasantly warm Zurich this week, I was discussing one of the city’s traditions – burning the giant figure of a snowman to herald the end of winter and coming spring.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
