Ageas Re Doubles 3rd Party Book in Mid-Year Despite Market Softening

Ageas Re, the reinsurance arm of the Belgian insurer, doubled its 3rd Party Business book at the mid-year 2026 renewals, a period CEO Joachim Racz described as a “rapidly softening market.” The firm wrote substantially more new business than renewals during the April–July window, helped by expanded participations on selected programs and new client wins.

“In response to the changing market environment, the company accelerated its cycle management strategy by expanding its Specialty portfolio, increasing its presence in Asia, selectively reducing business that did not meet technical return requirements, and making greater use of proportional structures,” the firm said.

Excluding its Partnership contracts – two of which were renewed at meaningful premium – total 3rd Party inflows rose 38% year-on-year. Overall expected profitability slipped modestly below 2025 levels, a result of market softening and a deliberate shift toward proportional business. That shift, Ageas Re said, cut portfolio volatility and capital intensity, even as it raised the underwriting ratio.

Ageas Re renewed “the vast majority of targeted client relationships” and lifted its share on selected programs, which offset some of the market-driven rate reductions. The company described the client retention as proof of “continued confidence of clients and brokers in Ageas Re’s underwriting expertise, technical capabilities and long-term commitment.”