Renewals

The Gallagher Re managing director of EMEA North and East said buyers need to be able to explain their stance on handling inflation, going beyond price to include action on their own underlying limits and deductibles, to get reinsurers on board.

The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.

Scor said it had purchased the same retro limit as it had last year while managing “contained” price increases, as it cut back its catastrophe exposures.

RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.

The industry is expected to improve its return on capital slightly in 2022.

The French reinsurer’s vehicle has renewed for the fourth consecutive year.

The Federal Emergency Management Agency trimmed its spend on the program by 12%.

Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit.

The shortage of sidecar capacity could have a knock-on impact to broader renewals.

Its reinsurance premiums ceded are expected to reach $207mn, up from $175mn a year earlier.

The retention was $80mn which will reduce to $55mn for second and third events.

Willis Re international chairman James Vickers said that the ILS market played a strong role in the Florida renewals, but it was becoming more difficult to judge the overall impact of the sector as more capacity stays behind rated balance sheets.