Private credit reshapes reinsurance as casualty risks and MGA bets surge
Private credit floods into reinsurance, driving riskier casualty moves and rapid MGA expansion as executives warn of underwriting discipline slipping
Reinsurance News
Dale and K2 secure Lloyd’s approval for new SPA Syndicate 1954 launch
Dale and K2 win Lloyd’s approval for SPA 1954, aiming for £80mn GWP in 2026 with a portfolio across Property, Specialty and Casualty
Marine war risk insurance market shifts as global tensions spike and reinsurers tighten
Willis Re says modern marine war risk is being reshaped by gray zone attacks, cyber disruption, treaty limits and volatility across global shipping lanes
RIQ and Masdar partner to build AI driven reinsurance for clean energy
RIQ and Masdar sign a three year MoU to co develop AI powered reinsurance capacity for global clean energy risks and capital efficient project growth
Volt Underwriting enters ports and terminals market with $15 mn capacity
Volt Underwriting launches a $15mn ports and terminals line backed by Tokio Marine Kiln, expanding its global energy focused MGA platform
Swiss Re reports a net income of $4 bn for the 9M 2025
Swiss Re lifts Q3 net income to $1.43bn, accelerates L/H fixes, and stays bullish on 2025 despite noisy portfolios and tougher pricing
Insurtech Policybazaar launches reinsurance across Sri Lanka, Qatar, Oman, UAE
Policybazaar expands into Sri Lanka, Qatar, Oman, and UAE with a tech-led reinsurance model built to speed placements and modernize emerging markets
Lloyd’s announces 2025 Council election ballot for working members
Lloyd’s launches a ballot for two working member seats on its Council after receiving three valid nominations for the 2025–2028 term starting February 1
Munich Re posts strong Q3 results, confirms €6 bn 2025 full-year target
Munich Re reports €1.997 bn Q3 profit and €5.176 bn nine-month result, reaffirming €6 bn 2025 target as P&C delivers record margins and low loss ratios
Berkshire Hathaway Q3 underwriting profit triples to $3.16 bn
Berkshire Hathaway’s Q3 pretax underwriting earnings tripled to $3.16 bn, led by reinsurance and primary gains despite weaker Geico results
Willis appointed of three senior hires to its Direct and Facultative team in the UK
Willis, a WTW business, announced the appointment of three senior hires to its Direct and Facultative team in Great Britain
Fidelis Partnership launches Lloyd’s Syndicate 2126 with $300 mn capacity
Fidelis Partnership and Blackstone launch Lloyd’s Syndicate 2126 with $300 mn capacity, boosting TFP’s underwriting growth and London market presence
Pacific Life Re enters Japan with first asset-intensive reinsurance deals
Pacific Life Re completes its first asset-intensive flow reinsurance transactions in Japan, expanding its footprint and deepening ties with local life insurers
Munich Re to close venture arm, shift investments under MEAG unit
Munich Re will close its venture capital arm and move startup investments to asset manager MEAG as it centralizes innovation within core business units
Starr to acquire IQUW Group to expand underwriting reach at Lloyd’s
Starr agrees to acquire IQUW Group, boosting its position at Lloyd’s and expanding underwriting capacity across specialty, property, and motor markets
Fitch sees top global reinsurers sustaining strong P&C results in 2025
Fitch sees top global reinsurers sustaining strong P&C results, but pricing pressure looms as 2026 renewals approach and profitability questions mount
European reinsurers over-capitalised ahead of 1/1 renewals, pressure builds
European reinsurers walk into the 1/1 reinsurance renewal season with capital levels stacked way above their own targets
Lloyd’s kicked off 2025 reinsurance capacity auctions with a bang
Lloyd’s of London kicked off its 2025 reinsurance capacity auctions with a bang. Trading in the first of three auctions hit £86 mn
Fitch revises 2026 global reinsurance outlook to deteriorating amid competition
Fitch cuts global reinsurance outlook to deteriorating for 2026, citing weaker pricing, higher catastrophe losses, and persistent social inflation pressures
Munich Re outlines Europe’s Nat Cat and cyber exposures, rising reinsurance demand
Munich Re outlines Europe’s Nat Cat and cyber exposures, rising reinsurance demand, and the need for differentiated approaches in complex global programs
OneAdvent expands financial lines MGA with new Lloyd’s capacity deal
OneAdvent secures Lloyd’s capacity for its financial lines MGA, plans EU and emerging market expansion; Alta Signa appoints France country manager
Beat Capital launches 1889 Specialty MGA for U.S. financial institutions
Beat Capital Partners unveils 1889 Specialty Insurance, a new MGA offering management liability and professional lines for U.S. financial institutions
Reinsurance market holds steady with $650 bn capital as rates soften
Marsh McLennan reports reinsurance resilience despite losses and volatility, with $650bn capital projected for 2025 and rate declines across global markets
Symetra Life Insurance closes Dearborn life & disability reinsurance deal, $1.1 bn portfolio
Symetra Life acquires Dearborn’s life and disability business via reinsurance, adding 2.5mn lives and a $1.1bn premium portfolio
J.P. Morgan warns of deeper reinsurance price cuts for Jan 2026 renewals
J.P. Morgan expects sharp reinsurance price drops at Jan 2026 renewals despite strong Q3 2025 results, citing structural weakness in the sector
Munich Re Specialty wins German approval, expands European and UK specialty push
Munich Re Specialty gains approval for German specialty market entry, adds surety to product lines, expands from UK, Ireland, and Spain operations
Reinsurance market faces medium-term softening despite climate change risks
Morningstar says climate change fuels long-term demand, but overcapacity and softening cycles dominate the medium-term reinsurance outlook
Munich Re backs Maldives’ first epidemic and pandemic insurance policy
Munich Re, with local and regional partners, launches a $5m epidemic and pandemic cover for the Maldives’ tourism industry to boost resilience
Lloyd’s faces pricing pressure, higher entry standards, and $500m scale needs
TD Cowen’s London field trip highlights Lloyd’s pricing strain, stricter syndicate entry, MGA caution, and rising capital thresholds for scale.
Oka Syndicate expands carbon insurance operations into Singapore’s climate market
Carbon insurer Oka opens in Singapore with Lloyd’s approval, aiming to back carbon trading, green finance, and transition projects across Southeast Asia
Bank of England tightens stance on funded reinsurance amid booming UK annuity market
The BoE signals tougher oversight of funded reinsurance and offshore financing, citing systemic risk and capital arbitrage in life insurers’ annuity deals
Acrisure London Wholesale forms broking partnership with Israel’s Madanes
Acrisure London Wholesale partners with Madanes, Israel’s largest broker, to provide Lloyd’s and London market access for complex placements
Atlantic hurricane season reliably drags reinsurer and London Market insurer stocks lower
Autonomous finds hurricanes rarely dent reinsurer stocks long term—pricing cycles, diversification, and discipline matter far more than storm counts
Re/Insurance brokers push reinsurers to ease terms, but strong capital keep profitability
Berenberg says brokers push reinsurers to ease terms, but strong capital and volume growth keep profitability above cost of capital despite margin squeeze
JP Morgan: quiet hurricane season could lift reinsurer earnings by 13%
JP Morgan says a benign Atlantic hurricane season may boost reinsurer profits up to 13% in 2025, despite softening property catastrophe rates
Canopius entered into a strategic partnership with insurtech Kalepa
Canopius has entered into a strategic partnership with Kalepa, an underwriting technology company, to supercharge its U.S. operations
Third Point completes Malibu Life Re acquisition, targets $5 bn premiums by 2027
Third Point Investors finalizes Malibu Life Re deal, issues new shares, and sets sights on $5bn annual premiums with strong U.S. annuity market tailwinds
Aviation insurance faces losses but capacity remains stable
Guy Carpenter says aviation insurers face rating pressure and claims volatility, yet ample reinsurance capacity supports stable renewals into 2025
PwC: Reinsurance could add $17 tn value by 2035 amid climate and tech shifts
PwC says reinsurers may create $17tn by 2035, moving from capital backstops to resilience orchestrators as climate, cyber, and systemic risks reshape markets
Reinsurers’ buffer reserves may fuel profit growth until 2027
Berenberg says reinsurers’ use of buffer reserves from 2023–24 gains could keep reported profits rising until 2027 despite softening catastrophe pricing
Apollo pushes ‘Turnkey Plus’ strategy, expands syndicate partnerships at Lloyd’s
Apollo grows its Lloyd’s platform with new syndicate partnerships, underwriting expertise, and a long-term “Turnkey Plus” strategy for re/insurance partners
Ariel Re secures Lloyd’s approval for new syndicate, splits business lines
Ariel Re gains Lloyd’s approval for Syndicate 2006, expands into cyber, clean energy, marine, while Syndicate 1910 focuses on property catastrophe
Ryan Specialty and Axis Capital launch $900 mn reinsurance sidecar for RSUM
Ryan Specialty teams with Axis Capital to create RAC Re, a $900mn collateralized reinsurance vehicle backing RSUM’s delegated authority platform
Fitch warns reinsurance competition squeezing earnings in Latin America
Fitch flags soft pricing, sovereign risk, and a wide protection gap despite steady demand for catastrophe cover
Hannover Re sees stable reinsurance demand despite geopolitical risks
Hannover Re highlights shipping incidents, aviation shifts, and strong ILS activity as markets stay competitive through 2025
Swiss Re flags AI, catastrophe risks, and geopolitics at Monte Carlo talks
Swiss Re says this year’s reinsurance renewals face pressure from rising natural catastrophe losses, geopolitical fragmentation, and fast-moving AI adoption
Apollo secured Lloyd’s approval for ReShare Syndicate 1972, launching 2026
Apollo has secured “in principle” approval from the Lloyd’s Council to establish Apollo ReShare Syndicate 1972, with underwriting slated to begin on Jan. 1, 2026
Insurtech Optalitix extends pricing platform to reinsurance with new quote tools
Insurtech Optalitix has expanded its pricing platform, Optalitix Quote, to serve the reinsurance market, adding tools to model treaty and facultative quotes, manage data
Lloyd’s results for H1 2025: premium increasing by 6.2% to £32.5 bn
Lloyd’s of London announced its results for the first six months of 2025 with gross written premium increasing to £32.5bn (HY 2024: £30.6bn) and a combined ratio of 92.5%
Gallagher Re to acquire Steadfast Re, expanding in Australia & Asia Pacific
Gallagher Re, the reinsurance broking arm of Arthur J. Gallagher, has agreed to acquire Steadfast Re, the Sydney-based reinsurance broker launched a decade ago
Skyward Specialty to acquire Lloyd’s platform Apollo in $555 mn deal
Skyward Specialty Insurance Group has agreed to acquire 100% of Apollo Group Holdings Limited for $555 mn, marking a significant expansion
Lloyd’s pushes Blueprint Two launch to 2028 as market frustration mounts
Lloyd’s of London will delay its Blueprint Two re-platforming project until at least 2028, with market testing not expected before 2026
Aon and Moody’s warn casualty risks could add $5 bn to reinsurance premiums
Aon has launched a casualty sector update developed with Moody’s, forecasting that emerging risks could generate around $5 bn of reinsurance premium annually
Cavello Bay Re sues Aspen over $400 mn reinsurance dispute
Cavello Bay Reinsurance, a Bermuda-based subsidiary of Enstar Group, has filed a $400 mn lawsuit against Aspen Insurance Holdings and several affiliates
P&C reinsurance in Europe hits profitability peak with 81.5% combined ratio
Fitch Ratings said Europe’s four largest reinsurers have reached peak profitability in property and casualty (P&C) reinsurance, reporting a record-low average combined ratio of 81.5%
Howden warns of potential aviation reinsurance market firming in Q4 2025
Howden analysts say a series of high-profile aviation losses in 2025 may shift pricing conditions heading into the fourth quarter
Lemonade reduces quota share reinsurance from 55% to 20%
Lemonade is scaling back its quota share reinsurance from roughly 55% to 20%, a move driven by stronger capital generation and improved underwriting performance
Swiss Re reports $2.6 bn H1 2025 profit, maintains full-year targets
Swiss Re posted a Q2 2025 profit of $1.3bn, bringing net income for the first half to $2.6bn and delivering a return on equity of 23%
Insurtech Gateway gains approval to operate in Lloyd’s Market
Insurtech Gateway, an incubator focused on early-stage MGAs and SaaS founders, has received authorisation to operate within the Lloyd’s market after securing its Lloyd’s broker licence
TransRe partners with insurtech Cytora to digitize facultative reinsurance
TransRe has struck a global deal with Cytora to digitize its facultative reinsurance operations. The new system frees underwriters and claims specialists to focus on complex risks
AI data center insurance faces rising catastrophe, business interruption and power risks as infrastructure spending grows and electricity demand accelerates
Global reinsurance capital reaches $688 bn as InsurTech companies target AI liability, parametric insurance and automated underwriting to drive premium growth
US cyber insurance rates have declined 9.7% since the beginning of 2024. Across markets outside the United States, prices have fallen 24.5%
How Verisk and Moody's RMS catastrophe models are incorporating current climate data and what the changes mean for insurers and reinsurers