Active Re has completed its Global Retrocession Program as part of its year-end 2025 initiatives, consolidating capital protection across its in-house underwriting and managing general agent partners in what the Barbados-domiciled reinsurance company described as its broadest placement to date.
The retrocession program, which took 18 months to design and execute, was placed through London-based brokers and is now backed by a panel of A- and better-rated retrocessionaires with long-standing ties to the company. Active Re said the resulting structure is cost-efficient on a risk-adjusted basis.
Founded in 2007, Active Re has grown into a global operation with equity exceeding $100 million, serving more than 650 cedants across 137 countries. Its portfolio is weighted toward property and engineering at 56.7%, with affinity business at 29.6% and surety at 13.5%.
AM Best affirmed the company's A (Excellent) financial strength rating with a stable outlook in September 2025, citing strongest balance sheet strength and a conservative underwriting leverage ratio of 1.4x.
The placement was completed during a period of abundant retrocession capacity and falling pricing. Howden Re reported that property retrocession rates fell by an average of 16.5% at the January 2026 renewals, with reductions ranging from 12.5% to 21%, in a market estimated at roughly $20 billion.
Capacity comfortably exceeded demand, with buyers exploring up to $800 million of additional limit.
The surplus was driven by a combination of strong retained earnings among rated carriers, fresh inflows into insurance-linked securities, and new market entrants. Guy Carpenter's Dean Klisura noted that reinsurers have "grown capital due largely to strong retained earnings," allowing clients to benefit from lower prices.
Those conditions enabled buyers to broaden their programs. Gallagher Re described the January renewal as one offering further price reduction and structural flexibility, while frequency and aggregate retrocession covers also re-emerged as part of buyer strategies.
Beyond the retrocession placement, Active Re expanded its participation in the cyber risk segment during 2025, supported by accumulation management and portfolio monitoring.
The company also accelerated the integration of artificial intelligence into its operations. As of January 2026, 50% of technical account statements were processed with AI support.
CEO Ramón Martínez Carrera (pictured above) said the company's focus throughout 2025 was on capital resilience and underwriting discipline.
"Completing our retrocession program with high-quality markets and advancing AI integration strengthens our ability to manage volatility while preserving technical integrity," he said.
Active Re said it enters 2026 with an enhanced capital protection framework and a more scalable reinsurance operating platform, with a continued focus on balance sheet stability and selective growth.
