Reinsurers News

Hard Reinsurance Prices Likely to Last Longer Than in Previous Market Cycles: Report

Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly due to persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best report. As a result, …

What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns.

Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. Reinsurers launched in “the class of 1992,” “the class …

Details of Aviation Lessor Settlements With Russia Over Trapped Planes

Aircraft leasing firms have struck settlements with Russia totalling around $2.7 billion for over a quarter of the roughly 400 aircraft stuck in the country since Moscow’s invasion of Ukraine in 2022. In return, international lessors handed ownership of the …

Multibillion-Euro Court Battle Over Stranded Russian Jets Begins in Dublin

Some of the world’s largest aircraft lessors faced off against their insurers in a Dublin courtroom on Tuesday at the start of a months-long battle over around 2.5 billion euros ($2.7 billion) of insurance claims related to jets stranded in …

Global Reinsurance Sector Outlook Revised to Positive on Robust Profits, Tighter T&Cs

The market segment outlook for the global reinsurance segment has been revised to positive from stable after the sector saw robust profit margins in 2023, according to AM Best, which attributed the sector’s improved performance to higher attachment points and …

Irish Court Case on Russia Jet Insurance Claims to Begin on June 11

Ireland’s High Court is to begin hearing a dispute around insurance claims for aircraft stuck in Russia on June 11, a week later than scheduled, after parties in the case asked for additional time to prepare, a court spokesman said …

Property-Catastrophe Reinsurance Rates Drop by 5% at June Renewals: Howden Re

Property-catastrophe rates saw some moderating trends during the June 1 reinsurance renewals, with average risk-adjusted rates-on-line decreasing by 5% within a typical range of -7.5% to -2.5%, according to Howden Re, the reinsurance business of Howden. These decreases follow a …

Florida’s Slide Insurance Secures $210 Million Catastrophe Bond

Tampa-based Slide Insurance announced it has finalized pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond. The largest cat bond sponsored by Slide to date, Purple Re Ltd. provides 40% more in fully collateralized reinsurance than the …

Buyers’ Market Prevails During April Renewals as Reinsurers Seek Growth

Brokers Aon and Gallagher Re described a buyers’ reinsurance market for the April 1, 2024 property and specialty renewals as reinsurer profit margins benefited from last year’s “redistribution of risk” to cedents. Reinsurers are not only venturing out with increased …

UK Court Rules That $10 Billion Jet Dispute Should Be Heard in London, Not Moscow

A $10 billion battle between reinsurers and aircraft leasing companies seeking payouts for more than 200 jets stuck in Russia should be heard in London rather than Moscow, London’s High Court ruled on Thursday. Aircraft lessors, including Ireland’s AerCap and …