SI Re reports 10% premium growth following 2025 renewals

Expansion into new markets and a shift toward non-proportional business drive portfolio diversification

SI Re reports 10% premium growth following 2025 renewals

Reinsurance

By Kenneth Araullo

SIGNAL IDUNA Reinsurance Ltd (SI Re), a Switzerland-based reinsurer, reported a 10% increase in premium volume following the January 2025 renewals, bringing its total to €225 million, up from €205 million in 2024.

The company’s portfolio expansion was supported by new business accounting for 20% of the renewed volume and a 9% increase in new clients. The renewals marked a period of diversification and controlled growth for SI Re, aided by its recent Fitch ratings upgrade to "A." 

SI Re's underwriting strategy focused on broadening its client base while maintaining underwriting discipline. A key part of this approach was increasing the proportion of non-proportional business by three percentage points to 34% of the total book.

The reinsurer also expanded in the UK market, where it began underwriting in 2023, and strengthened its position across Germany, France, and Central and Eastern Europe. 

Market conditions and reinsurance adjustments

Reinsurance renewals took place in an environment shaped by inflation moderation, capital market performance, and continued high losses from natural catastrophes, estimated at US$150 billion.

The global reinsurance sector has undergone restructuring in recent years, with a focus on reinforcing portfolio sustainability through adequate pricing and stricter policy conditions. 

According to SI Re, insurers have adjusted to inflationary pressures and strengthened their ability to absorb losses. The retrocession market, which had been disrupted in 2022, reopened as investor confidence returned, aided by a strong performance in the insurance-linked securities (ILS) sector.

This recovery contributed to moderate price adjustments in the 2025 renewals, though insurers and reinsurers maintained discipline in risk selection and pricing.

Natural catastrophe losses remained a factor in European markets, with flooding, heatwaves, wildfires, and hailstorms affecting multiple regions. SI Re noted that structural adjustments in original business lines, including the repricing of proportional treaties and a shift towards non-proportional cover, helped reduce volatility.

In Italy, the property market continued to be impacted by losses from 2023 and ongoing claims handling processes. Central and Eastern Europe saw higher attachment levels following heavy flooding in late summer, while losses from the June and July 2024 floods in southern Germany affected only a limited number of reinsurance programs. 

SI Re’s growth and portfolio adjustments

As part of its strategy to reduce volatility while maintaining profitability, SI Re scaled back quota share programs and increased its focus on non-proportional coverage. This led to a 6% reduction in property business, which was offset by new business in other segments.

The company further reduced its exposure to natural catastrophe risks by focusing on higher layers and increasing capacity allocation to long-tail lines. 

Geographically, SI Re expanded its UK presence and strengthened relationships with clients in key European markets. The company continued to provide capacity without exceeding catastrophe exposure limits, while also diversifying its risk portfolio through additional lines with existing cedants. 

Commenting on the January renewals, SI Re CEO Bertrand R. Wollner (pictured above) said the company achieved another successful renewal, supported by its long-term underwriting approach. He said that SI Re had expanded its portfolio while maintaining underwriting discipline, reinforcing its position in the market.

“Also, the disciplining of the insurance value chain, which commenced in the retro-market in 2022 has reached the original markets, resulting in tighter terms and conditions and higher rates throughout the risk-transfer chain,” Wollner said.

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