Reinsurance

Reinsurer Hannover Re said it had increased its overall premium volume when renewing contracts with its insurance company customers at the start of the year, amid intense competition.

Among the common themes that arose in PC360-NUs interviews with C-suite leaders from AIG, Travelers, and Zurich: Growth will be a major challenge, but opportunities for expansion exist in Latin America, Specialty lines and Cyber.

Among the common themes that arose in PC360-NUs interviews with C-suite leaders like Swiss Re, Lloyd's and Munich Re: Growth will be a major challenge, but opportunities for expansion exist in Latin America, Specialty lines and Cyber.

As markets grow in developing countries and losses escalate, insurers will have to reassess risks and likely consolidate to meet the rising demand for coverages and limits, an industry executive says.

Reinsurance pricing at Jan. 1 2013 was generally stable, with only loss-affected lines and regions experiencing volatility, according to a Guy Carpenter report.

The entry of new investors like hedge funds into the reinsurance market is likely to keep prices mostly flat when European customers renew policies in January, despite the industry's losses from superstorm Sandy, broker Willis Re said.

After catastrophes in 2011 drove down net income for the first nine months of that year, a relatively benign first nine months in 2012 led to a rebound in insurers results, showing the large role weather plays for the insurance industry.

Meadowbrook Insurance Group, currently under review by rating agency A.M. Best Co., says it has reached a quota-share agreement with Swiss Re to address capital concerns.