Reinsurance | Renewals, Cat Bonds & ILS Analysis

From Our Desk Original analysis · Reinsurance

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Pacific Life Re Takes $3 Billion of American National's Pension Longevity Before RBC Can Charge for It

Pacific Life Re's $3 billion longevity treaty with American National lands in a Life RBC line the NAIC set to zero for 2026, while the charge on the cedent's PRT reserves has no rule for longevity it cedes.

By Sam · 5 min read · Oct 9

ReinsuranceOct 8 · 5 min

Hartford Takes $1.12B From Berkshire to End Its Asbestos Cover

Berkshire's National Indemnity suspended payments on Hartford's 2016 asbestos cover, then paid $1.12 billion to end it. Hartford's $497 million gain is a deferred-gain release that masks a cut-price settlement.

Cat BondsOct 6 · 6 min

Hurricane Polo Hit 892mb and Paid Mexico's Cat Bond Nothing

Hurricane Polo reached 892mb, 45mb below the 937mb trigger of Mexico's $175m IBRD Pacific cat bond, then crossed the zone line at 965mb and paid nothing. The miss prices against a 4.09% expected loss and a 12% margin.

ReinsuranceSep 25 · 5 min

Senate Banking Sends a Clean TRIA to 2034 While the House Bill Doubles the Certification Floor

Senate Banking voted 24-0 for S. 4395, a clean TRIA extension to 2034; the House bill reaches the same year with a $10M certification floor from 2029, and that disputed floor is what reprices terrorism endorsements.

ReinsuranceSep 23 · 5 min

Bermuda Will License a Swap as a Reinsurer: the BMA's Parametric Class Puts Substance Over Form

The BMA will license parametric special purpose insurers in Q4 2026 and treat swaps and derivatives as collateralised reinsurance when risk transfer is real; buyers' auditors still classify them by payout-without-loss.

Cat ModelingSep 23 · 5 min

The Atlantic Has No Hurricane by September 21 for the First Time Since 1914, and Reinsurers Are Pricing 2027 on It

The Atlantic reached September 21, 2026 without a hurricane for the first time since 1914. Reinsurers are pricing 1/1/2027 on a quiet year whose cause, a record El Nino, expires before those treaties attach.

ReinsuranceSep 22 · 4 min

60% of Insurers Plan to Buy More Facultative Cover, and Half Now Call It Capital Management

Willis's Facultative Reinsurance Report 2026 finds 60% of 380 insurers plan to buy more fac in two years against 13% buying less, with capital management cited by 52%, up from 44%, as property fac rates fall 25-30%.

SidecarsSep 18 · 5 min

Aon Counts $23B of Sidecar Capital, Up 50%, While Third-Party Capital Growth Halves to 6%

Aon puts sidecar capital at a record $23 billion, up 50% since 2024, as AM Best and Guy Carpenter project third-party capital growth halving to 6%. The gap is asset-driven casualty capital that buys no cat limit.

ReinsuranceSep 16 · 5 min

Chariot Re Raises $700M and Backs $20B of Liabilities With $2B of Capital

Chariot Re's $700M third raise, led by Chubb, puts over $2B of equity and debt behind about $20B of MetLife-originated liabilities, a ten-cent ratio the BMA's capital tiers and the NAIC's AG 55 draft read differently.

On the Wire Oct 9

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Renewal Rounds Risk-adjusted price change on renewed business · Mid-year 2026

Full round history →

Mid-year 2026 Every reporting reinsurer priced the latest book down. Munich Re −5.5% on −9.1% volume; Hannover Re −4.5% on +12.3% volume.

Munich Re

−5.5%

vol −9.1%

Mid-year 2026

Hannover Re

−4.5%

vol +12.3%

Mid-year 2026

Munich Re

−2.5%

vol −7.8%

Jan 2026

Hannover Re

−3.2%

vol +3.3%

Jan 2026

Price change on renewed business as disclosed by each reinsurer, risk-adjusted (Hannover Re additionally inflation-adjusted). Round windows differ by reinsurer; see each entry. Volume change shown under each figure; ▲ marks volume growth. Every figure links to its source release on the P&C Pricing Pulse.

Reinsurer Earnings Latest reinsurer filings · Q2 2026

All filings →

Q2 2026 6 reinsurers have reported. Median combined ratio 92.2, with 4 of 6 improving vs. PY and all 6 underwriting below 100.

RenaissanceRe

72.8CR

2.3pt vs PY

Q2 2026

Everest

91.5CR

4.9pt vs PY

Q2 2026

Arch Capital

98.5CR

5.1pt vs PY

Q2 2026

AXIS Capital

93.1CR

4.2pt vs PY

Q2 2026

Combined ratios as reported in each carrier's most recent 10-Q. Lower is better; ▼ marks improvement vs. the prior-year period. Latest filing August 4, 2026.

Cat Watch Active perils & recent federal declarations

NHC & FEMA →

Monitoring

Isaias

Hurricane

Monitoring

Rachel

Tropical Storm

Monitoring

Simon

Hurricane

Declared

Hurricane Lowell

Major Disaster · HI · Sep 6 – Sep 9 · Kauai County, Maui County

Oct 7

Declared

Designated areas

Declared

Hurricane Lala

Major Disaster · HI · Aug 14 – Aug 16 · Maui County, Honolulu County, Hawaii County

Oct 7

Declared

Designated areas

Declared

Severe Storm And Straight-Line Winds

Major Disaster · OK · Jul 4 · Osage County, Washington County, Nowata County +1 more

Oct 7

Declared

Designated areas

From Our Desk Original analysis · Reinsurance

Pacific Life Re Takes $3 Billion of American National's Pension Longevity Before RBC Can Charge for It

Hartford Takes $1.12B From Berkshire to End Its Asbestos Cover

Hurricane Polo Hit 892mb and Paid Mexico's Cat Bond Nothing

Senate Banking Sends a Clean TRIA to 2034 While the House Bill Doubles the Certification Floor

Bermuda Will License a Swap as a Reinsurer: the BMA's Parametric Class Puts Substance Over Form

The Atlantic Has No Hurricane by September 21 for the First Time Since 1914, and Reinsurers Are Pricing 2027 on It

60% of Insurers Plan to Buy More Facultative Cover, and Half Now Call It Capital Management

Aon Counts $23B of Sidecar Capital, Up 50%, While Third-Party Capital Growth Halves to 6%

Chariot Re Raises $700M and Backs $20B of Liabilities With $2B of Capital

Renewal Rounds Risk-adjusted price change on renewed business · Mid-year 2026

Reinsurer Earnings Latest reinsurer filings · Q2 2026

Cat Watch Active perils & recent federal declarations

Isaias

Rachel

Simon

Hurricane Lowell

Hurricane Lala

Severe Storm And Straight-Line Winds

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