Welcome to our Renewals Holiday Countdown. Throughout December we’re bringing insights from SiriusPoint experts on what we’re likely to see during the 1.1 renewals. Each day, we’ll share commentary relating to different business lines.
Lloyd’s and the London Market
First up is Eleanor Gibson, Chief Underwriting Officer, SiriusPoint International who shares her thoughts on the current dynamics at Lloyd’s and what the ghosts of underwriting years past and future tell us…
“As the cold weather arrives after an autumn of M&A activity on Lime Street, the market is hunkered down ready for renewals. With the change in leadership at Lloyd’s plus the softening rate environment we expect to see the market remaining disciplined with a focus on bottom line underwriting. We’ve seen some large established syndicates de-empt for 2026, partly driven by the USD/GBP rate but also an indicator of the market. Whilst many lines have had a benign year in terms of loss experience, the spectre of increased loss potential – both in frequency and quantum – are the ghosts of underwriting years past that underwriters will have at the forefront of their minds as 2025 draws to a close.
“What will the ghost of underwriting years future tell us? We might see increased pace of innovation, in terms of products and placements and increasing use of technology.”
Marine
Next up in our Renewals Holiday Countdown is Global Head of Marine, Chris Fenn who shares his thoughts on the global marine market and the impact of geopolitical tensions, the outlook for cargo and hull, the soft market cycle, and the importance of disciplined portfolio management.
“We have seen a softening Market for Cargo and Hull during 2025, but whilst they have experienced some limited rating pressure, Marine Liability and Property classes have remained much more stable. The outlook for the Hull Market is particularly challenged given the World Fleet is at its oldest age for some time. This should be expected to cause an uptick in attritional claims at a time when deductibles remain static, claims inflation is high and new capacity continues to enter the Market to increase competition.
“The heightened geopolitical tensions around the world remain in focus for marine insurers and exposure management is ever more fully integrated into the underwriting role on a daily basis. The US Government’s Tariff Policy has had some impacts on Marine trading patterns and exposures that Underwriters have had to adjust to. We began the year with Californian wildfires in Q1 and Hurricane ‘Melissa’ hit Jamaica in Q4, so in the midst of underwriting through this soft market cycle, the potential for CAT events remain a focus. In this environment, we are looking to perform the underwriting and portfolio management basics well and remain disciplined. We have confidence in our strategy and we are looking towards 2026 with optimism.”
Life Re
In today’s Renewals Holiday Countdown, Florian Boecker, Head of Life Re at SiriusPoint, highlights initial market feedback in the Life space and the notable increase in broker engagement in the sector.
“This year’s Life reinsurance renewals began earlier than in previous cycles, with a steady stream of quote requests since early October. Initial market feedback indicates that the renewal period has been competitive yet disciplined, supported by stable claims experience and increased reinsurance capacity meeting the rising demand for coverage.
“Recently, we have observed a notable increase in broker engagement within the Life reinsurance sector. Many brokers are now providing services that go well beyond traditional tender management, delivering genuinely value-added solutions. We anticipate this trend will persist, resulting in a greater proportion of Life reinsurance business being intermediated in the coming years.
“Looking ahead to 2026, we are committed to growing our Life portfolio through the launch of innovative products and entry into new markets, all while maintaining the high quality of our book.”
Energy
Next up in our Renewals Holiday Countdown is Head of Energy, John Hopper. John talks about the challenges facing the energy sector, from geopolitical tensions to fluctuating tariffs. John also shares his views on holding firm on rate and the resilience of Consortia partners.
“This year has been challenging for various sectors within the energy industry. Geopolitical tensions, fluctuating tariffs, declining oil prices, and stringent offshore windfarm tender requirements have all created significant hurdles. In addition, the use of Broker facilities to automatically bind a substantial percentage of orders on placements, some of which are rated inadequately, has added a new and difficult dynamic to this market cycle.
“While upstream rating is under some pressure, we expect retention levels and policy conditions to remain relatively stable. The excess energy liability market has largely been holding firm on rate and we anticipate this trend to continue through the 1/1 renewals and well into next year.
“The resilience of our Consortia partners combined with a disciplined stance on our open market portfolio mean that we are firmly committed to prioritising risk quality and rate adequacy over mere top-line growth.”
Reinsurance
On day five of our Renewals Holiday Countdown, David Govrin, President & CEO of Global Reinsurance, discussed the reinsurance market ahead of 1:1. David shares his views on the specialty markets and why the spotlight will be on pricing, rate, terms, and conditions.
“The reinsurance market will be a tale of three markets (Property, Specialty, and Casualty) as we head into January 1, assuming benign global property catastrophe activity through year-end. The property market, which is the bell weather of the global reinsurance market, will be competitive with pressure on rate, terms, and conditions following another year of modest catastrophe activity despite the California Wildfires.
“The specialty markets will generally be competitive, but pricing, terms, and conditions will vary dramatically depending on the underlying specialty. There will be upward pricing and retention pressure in aviation, while other lines with better performance, such as parts of the marine and energy markets, will experience downward pressure. Conversely, US casualty continues to be the market with the greatest disparity of reinsurer views with some reinsurers growing their books while others are shrinking.
“As always, reinsurers will continue to emphasize the importance of underwriting discipline, and proactive, transparent dialogue with brokers and clients.”
Casualty
Chris Larson, Global Head of Casualty Underwriting joins us for today’s Renewals Holiday Countdown. Chris shares his thoughts on the elements driving rate and limit discipline, and selective pockets of opportunity in the casualty space.
“In the primary market, the prevailing uncertainty around loss cost trends and rate adequacy is driving continued rate and limit discipline. However, in the casualty reinsurance markets there is a difference in industry views on price adequacy of recent years given the impacts of both economic and social inflation. These disparate views are creating a relatively balanced market with more stable terms and conditions. Some lines, like commercial auto, are continuing to experience pricing pressure given continued poor experience, while other lines, such as primary and buffer General Liability, have more stable pricing, terms, and conditions.
“We continue to see selective pockets of opportunity, particularly where underlying market dynamics and disciplined underwriting are aligned.”
Property
In today’s Renewals Holiday Countdown we hear from Global Head of Property, Alex Kronenberg. As the renewal process starts to accelerate, Alex talks competition, attachment points, and why it’s a buyer-friendly market.
“As we approach year end, the 2026 Property Renewal process, initially slow, has accelerated significantly. Late firm orders have demanded reduced response times from reinsurers.
“Property reinsurance is firmly a buyer‑friendly market, well‑capitalized with some softening driven by expanding traditional and ILS capacity. Competitive dynamics are primarily concentrated on pricing, while attachment points have generally remained stable with term improvements selectively implemented. The developments witnessed in 2025 may serve as a case study in the rapid transition of market conditions.
“Much like the shifting market, life changes quickly and we encourage all our esteemed partners, friends, and colleagues to take a well-earned pause this holiday season.”
Aviation
In the penultimate day of our Renewals Holiday Countdown, Head of Aviation Marc Wyss discusses the state of the airline insurance market after years of volatility. Do recent developments signal a turning point?
“The airline insurance market has faced a turbulent few years. The upward pricing trend that began after the 737 Max incidents in 2018/19 was abruptly derailed during the 2022 pandemic. It has taken more than three years, along with major payouts for confiscated aircraft in Russia, deterioration of long-tail claims, and an above-average frequency of airline accidents over the past year, for the direct insurance market to finally acknowledge that airline business remains severely underpriced.
“In the last 6-9 months, we’ve seen the first signs of change. Lead and follow markets are no longer willing to support underpriced programs, signaling an important step toward aligning premiums with real risk exposure. But this is only the beginning. Upcoming renewal cycles must deliver more meaningful adjustments if the airline insurance segment is to remain sustainable in the long-term. Capacity is still abundant, and modest rate increases in 2025 should not lull stakeholders into complacency. A larger premium pool is essential to absorb rising attritional losses and inflated awards, not just in the US, but globally.”
Accident & Health
On the final day of our Renewals Holiday Countdown, Harry Trelawny, International Head of Accident & Health shares his views on the highly competitive market with increased capacity and new entrants entering the market. Read more about where Harry sees growth opportunities and which emerging markets are attracting attention…
“The renewal season is unfolding much as anticipated, but it’s far from business as usual. As we approach January 1, the market is highly competitive, shaped by increased capacity, several new entrants, and clear indicators of a buyer’s market. For reinsurance, this creates both challenges and opportunities.
“We’re seeing capacity flow from companies eager to diversify and tap into the short-tail line of business of A&H. When it comes to growth, the picture is broad. Emerging markets such as Latin America and Asia continue to attract attention, though these regions are often well served by the international market which underscores the need for agility and global perspective in underwriting strategies.
“Despite the competitive environment, we’re confident in our approach. Thanks to a stable renewal portfolio and the strength of our long-standing relationships, we aim to navigate this cycle effectively, maintaining underwriting discipline while keeping client service at the heart of everything we do.”
