Reinsurance News

Hannover Re

Penn River partners with Hannover Re US

8th June 2021

Penn River has entered into a partnership with Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re. The partnership will enable Penn River to launch a reinsurance addition to its ProductHub platform. This addition to the platform gives its clients the ability to integrate with ... Read the full article

Life reinsurers hit with $4.4bn of COVID-19 claims in Q1, says Bloomberg report

1st June 2021

According to a new report from Bloomberg, the cumulative cost of COVID-19 claims for the largest life reinsurers hit $4.4 billion in the first quarter of the year as mortality rates spiked. The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada ... Read the full article

IDF program looks to develop parametric solutions in Colombia

18th May 2021

Public-private partnership the Insurance Development Forum (IDF) has launched a program aimed at developing a parametric flood and earthquake product, as well as an indemnity landslide protection, in Colombian city of Medellín. The project includes participation from IDF members Hannover Re and Willis Towers Watson and t is part of the ... Read the full article

Talanx reports 24.5% net income climb in Q1

11th May 2021

Hannover Re parent Talanx Group saw net income climb 24.5% to $277 million during the first quarter of 2021. Gross written premiums rose by 9.4% to €13.6 billion, while operating profit amounted to €625 million, up 11.8% compared to the prior-year quarter Talanax attributes these increases to positive one-off effects in both ... Read the full article

Hannover Re improves P&C results, confirms profit targets for 2021

5th May 2021

Hannover Re, one of the major European reinsurers, has confirmed its profit targets for 2021 after posting double-digit growth in premium income in the first quarter, as well as modestly improved group net income. Gross premiums were up by 11.9%, or 16.8% adjusted for exchange rate effects, while net income increased ... Read the full article

Major re/insurance players commit $2mn to Oasis Loss Modelling Framework

23rd March 2021

A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article

Hannover Re in £3bn longevity swap with AXA UK Pension Scheme

18th March 2021

Hannover Re has entered into a longevity swap transaction with the AXA UK Group Pension Scheme, which will protect £3 billion of mostly deferred pension liabilities held in the Scheme’s Defined Benefit plan. The swap, which closed on 27 February 2021, will form part of the Scheme’s investment portfolio, building upon ... Read the full article

Swiss Re & Hannover Re warn of COVID-19’s claim tail & litigation risk

17th March 2021

Two of the world's largest reinsurance firms are warning that while the immediate losses caused by the global COVID-19 coronavirus pandemic may be largely reserved for, both expect a longer-tail of exposure to develop over time. There is great uncertainty over the potential for the COVID-19 pandemic to drive losses to ... Read the full article

Talanx falls to underwriting loss on €2.1bn of large losses

15th March 2021

Talanx, the parent of major European reinsurance company Hannover Re, has reported an underwriting loss of €2.8 billion for 2020 amid total large losses of a significant €2.1 billion, driven mostly by the coronavirus pandemic. The company's underwriting performance deteriorated further from the €1.8 billion loss reported in 2019, as the ... Read the full article

Hannover Re’s income robust but large losses (COVID) dent underwriting result

11th March 2021

Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article

Hannover Re’s COVID-19 hit rises to $1.44bn for 2020

4th February 2021

Hannover Re, one of the major European reinsurers, has today announced an additional €350 million (USD 420mn) of losses across its property and casualty (P&C) and life and health (L&H) operations from the ongoing COVID-19 pandemic. Early this morning, the German reinsurance giant updated the market on its experience at ... Read the full article

Hannover Re reports average price increase of 5.5% at Jan 1st renewals

4th February 2021

Reinsurer Hannover Re has reported an average price increase of 5.5% on renewed business at the January 1st, 2021 renewals, as the firm booked premium growth in traditional property and casualty reinsurance of 8.5%. According to Hannover Re, the pricing trend witnessed at 1/1 was driven by the substantial burden of ... Read the full article

Hannover life makes three senior appointments

2nd February 2021

Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has promoted Tiffany Norman to Senior Vice President, Head of Annuity Solutions, along with Aaron Kinakin to Senior Vice President, Head of Structuring, and Thomas Porter who will be the new Senior Vice President, ... Read the full article

Hannover Re agrees reinsurance deal with Independent Life

5th January 2021

Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has entered an agreement to reinsure a percentage of Independent Life's new and existing business. Independent Life will remain 100% responsible for the benefit payments to the structured settlement payees and will continue to administer these ... Read the full article

Hannover Re-parent Talanx, Deutsche Bank agree distribution partnership

27th November 2020

Talanx, the parent of reinsurance giant Hannover Re, has agreed a long-term distribution partnership with Deutsche Bank. Starting 2023, retail clients of DB and its subsidiaries Postbank and BHW Bausparkasse will be able to insure their consumer and mortgage loans exclusively with the Talanx. This deal follows DB’s a long-term sales cooperation ... Read the full article

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