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Hannover Re

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

Hannover Re posts 9M underwriting loss; reinstates profit guidance for 2020

4th November 2020

German reinsurance giant, Hannover Re, has reported a 33.4% reduction in Group net income for the first nine months of the year to €667.8 million, as the firm's property and casualty (P&C) reinsurance segment fell to an underwriting loss as major loss expenditure exceeded budget in the period. Group net income ... Read the full article

Hannover Re expects continued P&C growth in APAC

22nd October 2020

The Asia-Pacific region’s economy is the fastest growing in the world, resulting in an evolution into one of the largest re/insurance markets. This is promising in terms of business opportunities due to the insurance density being lower than in more mature markets. It is predicted that P&C insurance growth rates will improve ... Read the full article

Hannover Re US, insurtech Ladder announce partnership growth

21st October 2020

Hannover Re US and insurtech Ladder are to work together in a new and expanded partnership, having first collaborated in 2016. Ladder offers technology-driven insurance solutions designed to meets the demands of today’s consumers. Hannover Re US has provided support in the form of risk management solutions, accelerated underwriting consultation and outsourced ... Read the full article

COVID-19 non-life insured loss in Germany seen at up to €1.75bn: E+S Rück

20th October 2020

The impact of the ongoing COVID-19 pandemic is expected to result in a non-life re/insurance market loss of between €1.25 billion to €1.75 billion (USD 1.47bn - USD 2.1bn) in Germany, driven mostly by nationwide business closures, according to executives at E+S Rückversicherung AG, the Hannover Re subsidiary responsible for ... Read the full article

Hannover Re’s E+S Rück forecasts rising P&C prices in German market

19th October 2020

E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group's German business, has said that it expects to see rising prices and improved conditions in 2021 for property and casualty (P&C) reinsurance in Germany. In particular, E+S Rück noted that pricing has been buoyed by COVID-19 related losses and intensification ... Read the full article

Hannover Re to participate as Global Parametrics backs Cambodian crop scheme

1st October 2020

Parametric and index-based disaster risk transfer company, Global Parametrics (GP), has announced its support for the AGRIBEE Crop Insurance Pilot to provide extreme weather protection cover for smallholder rice farmers in Cambodia. GP is providing cover for the transaction from its Natural Disaster Fund (NDF). Through the partnership agreement between the ... Read the full article

Hannover Re notes challenging, but improving conditions in Europe

18th September 2020

In a recent webinar, Hannover Re explored how the market conditions in Europe are currently challenging but are still expect to improve in 2021. The reinsurer has predicted that, in Germany in 2021 there will be a lower growth rate in the primary insurance market in comparison to prior years. The result ... Read the full article

Hannover Re provides property cat reinsurance outlook

15th September 2020

Global reinsurers Hannover Re sees the COVID-19 pandemic as having added further challenges to a reinsurance market already distressed by successive years of major natural catastrophe losses. When it comes to property catastrophe business, this has resulted in an overall favourable trading environment for reinsurers throughout all renewals in 2020 so ... Read the full article

Hannover Re US & Somerset Re announce CEO transition as Kelleher retires

14th September 2020

Somerset Reinsurance Ltd.'s founding Chief Executive Officer (CEO), Patrick Kelleher, is set to retire at the end of the year and will be succeeded by Jeff Burt, President of Hannover Life Reassurance Company of America, part of Hannover Re Group, and Chairman of Somerset Re. Following his retirement, effective December 31st, ... Read the full article

Reinsurance price increases “absolutely essential” in 2021: Hannover Re

14th September 2020

Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the ... Read the full article

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