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Jefferies flags Generali aggregate reinsurance recoveries after European weather losses
Jefferies said Generali’s 2026 aggregate reinsurance restructuring is meant to better cover frequency loss events as catastrophe runs in Europe stay elevated.
Jefferies has highlighted insurer Generali’s aggregate reinsurance protection, arguing that European catastrophe and weather losses could lead Generali to recover from its aggregate cover this year as the company’s 2026 arrangements have been restructured, according to Artemis.
The investment bank team met with Generali’s management and pointed to the run rate of catastrophe losses in Europe. Generali had reworked its 2026 aggregate reinsurance to provide greater protection against frequency loss events, Artemis reported.
Artemis noted that windstorm Kristin affected Portugal and Spain in late January 2026, with PERILS AG estimating the event as a EUR 1.727 billion insurance industry loss under its extended loss quantification methodology. Generali previously reported that Kristin triggered its per event reinsurance protection and that reinstatement premiums were booked in its second quarter 2026 earnings.
Artemis also said Generali disclosed after the half year that severe weather events in July had impacted the insurer, linking the broader weather pattern to ongoing pressure on insurance losses and reinsurance outcomes.