Reinsurance News

Hannover Re

Munich Re remains the world’s largest reinsurance company

17th August 2022

After taking the top spot last year, global reinsurer Munich Re remains the world's largest reinsurance company, with gross life & non-life reinsurance premiums written of more than $46.8 billion in 2021, as shown by our directory of the Top 50 Global Reinsurance Groups. The directory is ... Read the full article

Hannover Re adds Swiss Re’s Sharon Ooi to Exec Board to bolster Asia focus

4th August 2022

Sharon Ooi of Swiss Re is set to join reinsurer Hannover Re's Executive Board to strengthen its focus on Asia in January 2023, primarily based in Hong Kong. In her new role, Ooi will oversee the further expansion of the company's property and casualty reinsurance business in the Asia-Pacific region. Ooi joins ... Read the full article

Hannover Re posts solid H1 net income despite elevated large loss experience

4th August 2022

Hannover Re, one of Europe's largest reinsurers, has today announced net income of €649 million for the first half of 2022, while the firm's property and casualty (P&C) reinsurance underwriting declined on the back of higher than expected large losses. Group net income of almost €650 million represents a 3% decline ... Read the full article

AXA tops list of largest EU insurers ranked by GPW

1st August 2022

When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020. Based on research data from ratings agency AM Best, our directory ... Read the full article

Appetite for underwriting property cat reinsurance business tightening

1st June 2022

Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article

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