Reinsurance News

Hannover Re

Hannover Re’s Ukraine war provision excludes potential aviation losses: CFO Jungsthöfel

4th May 2022

After reporting an additional general provision in the low triple-digit million euro range in relation to the ongoing war in Ukraine, Hannover Re's Chief Financial Officer (CFO), Clemens Jungsthöfel, has explained that this does not include additional reserves for the aviation line of business. This morning, the German reinsurer announced ... Read the full article

Hannover Re generates Q1 profit of €264m despite above budgeted major losses

4th May 2022

Global reinsurer Hannover Re has recorded a profit of €264 million for the first quarter of 2022, despite above budgeted catastrophe losses within its property and casualty (P&C) reinsurance business, and additional pandemic-related losses in life and health (L&H). While positive, Group net income did fall by almost 14% from the ... Read the full article

Allianz latest to rule out insuring East African Crude Oil Pipeline

11th April 2022

Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article

Hannover Re joins top reinsurers in rejecting EACOP pipeline

28th March 2022

Global reinsurer Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, SCOR had also committed not to insuring EACOP, with Hannover Re quickly following suit, stating, “we refrain from providing reinsurance coverage ... Read the full article

Hannover Re opens up insurtech innovation platform hr | equarium

24th March 2022

Following the launch of hr | equarium in 2019, Hannover Re is opening up its innovation platform to all interested parties with immediate effect, in a move it says will enable more insurers to access services and solutions from insurtechs. hr | equarium is Hannover Re’s publicly accessible insurtech innovation ... Read the full article

Hannover Re’s net income rises to €1.23bn despite heavy cat & COVID load

10th March 2022

Global reinsurer Hannover Re has today reported a 39% rise in net income to €1.23 billion for 2021, despite major losses in its property and casualty (P&C) arm coming in above expectations, and a sizeable COVID-19 impact in its life and health (L&H) reinsurance business. Across the Group, net income increased ... Read the full article

Vantage Risk names José Miranda as Risk Analytics Lead

4th March 2022

Recently launched Bermudian reinsurer Vantage Risk has appointed José Miranda as Risk Analytics Lead, where he will continue to be based in Bermuda. Miranda joins from Hannover Re where he held the role of Senior Catastrophe Analyst for just over a year. Within that role he oversaw catastrophe models and internal quoting ... Read the full article

Hannover Re transfers record $2.7bn+ in cat bonds

21st February 2022

Last year, Hannover Re transferred over $2.7 billion in catastrophe bonds spread across 11 bonds to the capital market for its clients breaking record volume. The reinsurer facilitated for its customers the placement of covers against losses from natural disasters such as floods, storms, earthquakes and wildfires on the capital market. The ... Read the full article

Hannover Re and SCOR differ in retro cost strategy: Jefferies

10th February 2022

According to analysts at Jefferies, the industry has been redirected from rapidly rising rates to surging retrocession costs amidst the 1/1 renewal results, resulting in a divergence in strategy between reinsurance giants, Hannover Re and SCOR. During the report, Jefferies analysts highlighted that Hannover Re’s retrocession program shrank considerably at ... Read the full article

Hannover Re’s aggregate XoL retro cover shrinks by almost 50% at Jan renewal

7th February 2022

For 2022, the size of Hannover Re's aggregate excess-of-loss (XoL) worldwide retrocession reinsurance layer has decreased by almost 50% to approximately €113 million, as the German reinsurer navigated more challenging retro market conditions at the January 1st renewals. As forecast towards the end of last year, aggregate retro capacity was harder ... Read the full article

Talanx Group’s net income tops €1 billion for the first time

4th February 2022

Germany's Talanx Group, the parent of reinsurer Hannover Re, has announced that in 2021, its net income exceeded the €1 billion threshold for the very first time, supported by increased earnings across its primary business and reinsurance operation. Back in 2018, Talanx published a number of goals for the period up ... Read the full article

Hannover Re expects improved rate trends to persist at upcoming renewals

3rd February 2022

Sven Althoff, Board Member for Property and Casualty (P&C) at global reinsurer Hannover Re, said this morning that the company expects the "broad trend of improved rates will continue to apply both at the insurance and at the reinsurance level" at the April and mid-year renewals. Early this morning, Hannover ... Read the full article

Hannover Re grows book by 8.3% at Jan 1 reinsurance renewals

3rd February 2022

German reinsurance giant Hannover Re achieved average inflation and risk-adjusted price increases of 4.1% at the January 1st, 2022, reinsurance renewals, as the company grew its book by 8.3%. Hannover Re notes the influence of considerable natural catastrophe losses on market pricing, especially in Europe and North America, alongside the low ... Read the full article

Fitch highlights strong 9M earnings from Europe’s top 4 reinsurers

15th November 2021

Europe’s four biggest reinsurers are said to have demonstrated strong earnings improvements over the course of 2021’s first nine months, despite what was a period of heavy catastrophe losses for the sector.   Fitch Ratings' analysts explained how Munich Re, Swiss Re, Hannover Re and SCOR all posted ... Read the full article

Hannover Re sheds stake in HDI as firm underlines ‘pure reinsurer’ focus

11th November 2021

Global reinsurer Hannover Re has announced the sale of its 49.8% stake in joint venture HDI Global Specialty SE to majority shareholder HDI Global SE. The deal underscores Hannover Re’s overarching ambition of repositioning itself as a pure reinsurer. Concurrently, the sale is seen as a way to free up capital for ... Read the full article