Your weekly re/insurance round-up, ending 3rd of January 2025

It's Friday 3 January, 2025

This week’s headlines were dominated by reports on 1.1 2025, the pivotal date for reinsurance renewals that set the tone for the industry in the year ahead.

Gallagher Re observed that the property renewals were largely orderly?and that rate reductions were ‘entirely rational’ given the plentiful capacity and robust results for 2024.

In an interview with Reinsurance News, the firm's CEO Tom Wakefield also noted that reinsurers still see the market as attractive despite some moderation in terms.

Meanwhile, Howden reported notable softening at 1.1, driven by strong price adequacy and reinsurers’ growth ambitions, and?Aon highlighted that this push for growth created opportunities for buyers.

Guy Carpenter additionally announced that reinsurer appetite was up at 1.1, as loss-free property cat rates fell 5-15%.

Beyond renewals,?Maiden Holdings and Kestrel Group entered into a combination agreement to form a new, publicly listed specialty program group, expected to close in the first half of 2025.

Elsewhere,?Manulife closed a $4.1bn LTC reinsurance transaction with RGA, and?Amwins acquired MGA Superior Underwriters.

Reinsurance News also learned that?health insurers continued to dominate in net premiums written for 2023, with U.S.-based health giants claiming four of the top five spots.

UnitedHealth Group maintained its position as the leader for the 10th consecutive year.

Turning to the key people moves,?Hiscox appointed Frank Lamantia as Chief Technology Officer, US, and?while Brian Young was named President of Fairfax Insurance Group, Carl Overy assumed the role of CEO of Odyssey Group.

We’ll continue to update you with more coverage of the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!