Swiss reinsurance company SIGNAL IDUNA Reinsurance Ltd (SI Re) has completed its January 2026 renewal, achieving results that are essentially in line with last year’s record 222 million euros. The company said the market has sufficient capacity, rates are weak, and the reinsurance program continues to be oversubscribed.
Dr. Arnold Löw, CEO of SI Re, explained: “Our results underline our ability to renew a strong portfolio in a highly competitive pricing environment as capacity is sufficient following highly profitable hard market years.”
Löw continued: “We continue to leverage our ability to balance our reinsurance portfolio with a meaningful book of insurance-linked securities (ILS). This dual strategy allows us to guide and diversify our risk exposures and maintain discipline in our underwriting approach.”
SI Re observes that from a European perspective, natural disaster losses will be reduced in 2025 compared with previous years, while inflation continues to trend downward and is close to the EU’s 2% target.
“Nevertheless, risks remain elevated as the market environment is characterized by high geopolitical and financial volatility,” the company added.
With this in mind, cedants who renewed in January are reportedly keen to continue to protect their downside, often extending the protection of their books while taking advantage of softening interest rates.
According to SI Re, the tighter structures and higher attachment points introduced during the tough market phase were mostly maintained, although the latter declined slightly on a risk-adjusted basis.
SI Re said it has further strengthened its presence in the European market and supports a diversified and forward-looking portfolio structure.
“We succeeded in delivering solid overall results by maintaining underwriting discipline without compromising the acceptability of terms, conditions or risk standards,” the company noted.
SI Re continued: “In particular, SI Re maintains meaningful participation in accounts that demonstrate long-term potential and strategic relevance, ensuring consistency and stability in our portfolio.
“As a result, SI Re continues to diversify its footprint into new geographies and select new business lines, further expand its customer base, strengthen its platform for future growth, and remain focused on supporting sustainable business – both with our long-term partners and new customers.”
SI Re further highlighted the performance of its ILS book, with chief underwriting officer Dr Robert Salzmann saying: “Like the broader reinsurance market, the ILS sector has experienced a sharp compression of risk spreads in 2025.
“At the same time, the market offers a number of attractive opportunities. We see value in diversifying our transactions and continue to develop our ILS book, while key portfolio metrics remain attractive. This positions SI Re well over the coming years as the ILS market continues to evolve and mature.”