Reinsurance News
Hannover Re
Hannover Re expects renewal price increase for hurricane hit areas
12th September 2017
As Hannover Re prepares for upcoming renewals, the reinsurance giant believes the uncertainty left by hurricanes Irma and Harvey will push up prices for segments of North American business as well as create new opportunities for reinsurance as the devastated regions' economic losses highlight the U.S. flood protection gap. Hannover Re ... Read the full article
50% of potential Harvey insured loss expected to be covered by reinsurance: J.P. Morgan
25th August 2017
As hurricane Harvey continues its track towards the state of Texas as a Category 2 storm, expected to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, the expected loss remains uncertain. However, J.P. Morgan expects roughly 50% of the insured loss to be ... Read the full article
European reinsurers’ cat budgets strong, only a very large loss will turn pricing: RBC
17th August 2017
With the peak of the Atlantic hurricane season approaching uncertainty remains for European reinsurers driven by the potential for large losses, but with annual catastrophe budgets being relatively high, only the most severe loss event would start a turn in the market, according to RBC Capital Markets. Based on historical data, September ... Read the full article
Hannover Re results ahead of consensus, on lower losses, higher investments
10th August 2017
German reinsurance firm Hannover Re has beaten consensus as its second-quarter 2017 net income came in ahead of expectations, largely assisted by a quarter lacking in large losses and higher investment income. Half-year net income rose 9.6% to EUR 535 million, up from EUR 488 million in the prior year, putting ... Read the full article
Generali sells Colombian business to Talanx for €30 million
21st July 2017
International insurer, Generali Group, has announced the signing of an agreement to sell its Colombian business to the Talanx Group for roughly €30 million (roughly US$35mn), and the completed sale of its stake in Aseguradora General S.A. Talanx, a large German insurer and the parent of reinsurer Hannover Re, will acquire ... Read the full article
Hannover Re completes acquisition of Lloyd’s focused Argenta Holdings
21st July 2017
German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd's of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd's private capital manager. The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd's syndicate manager ... Read the full article
National General enters into auto & homeowners quota shares with panel of reinsurers
13th July 2017
National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article
Hannover Re leads renewal for Iskan Insurance Company
5th July 2017
Egyptian insurer, Iskan Insurance Company, has reportedly renewed its 2017-2018 reinsurance agreements with a group of foreign reinsurance companies, led by reinsurance giant Hannover Re. Speaking with Amwal Al Ghad, Iskan Insurance Company's Managing Director for Technical Affairs, Mohamed Khalifa, confirmed German-based Hannover Re as the lead reinsurer for its 2017-2018 reinsurance renewal. Amwal Al ... Read the full article
Hannover Re US names Nico van Zyl AVP, Medical Director
6th June 2017
Germany-based reinsurance giant Hannover Re's subsidiary, Hannover Life Reassurance Company of America (Hannover Re US), has appointed Nico van Zyl Assistant Vice President (AVP), Medical Director, effective January 1st, 2017. Nico van Zyl joined the reinsurer's U.S. division from Hannover Re's South African branch, where he held the role of Chief Medical ... Read the full article
Brexit not expected to dramatically impact reinsurance at Hannover Re: CEO, Wallen
10th May 2017
The Chief Executive Officer (CEO) of reinsurer Hannover Re, Ulrich Wallen, said during the firm's annual general meeting (AGM) that it doesn't expect the UK's Brexit vote to dramatically impact its reinsurance operations, reported Reuters. Domiciled in Germany, Hannover Re has a branch in the UK from which it writes property, casualty, ... Read the full article
Hannover Re maintains full-year net income target as it reveals Q1 results
10th May 2017
Reinsurance giant Hannover Re has reported a successful start towards achieving its full-year net income target in Q1, after kicking off the year with an optimistic move to raise the guidance for group net income from €950 million to over €1 billion. In Q1, Hannover Re's gross written premium rose by 6.6% ... Read the full article
Hannover Re pays £142.5 million for Argenta: Reports
22nd March 2017
Germany domiciled reinsurance giant Hannover Re reportedly paid £142.5 million to acquire UK holding firm Argenta Holdings, according to a recent heraldscotland.com article. The acquisition of Argenta Holdings, the owner of managing agent Argenta Syndicate Management, Argenta Private Capital, and a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121, was announced ... Read the full article
Hannover Re acquires Lloyd’s firm Argenta Holdings
20th March 2017
Hannover Re has agreed to acquire UK holding firm Argenta Holdings - the owner of managing agent Argenta Syndicate Management, Argenta Private Capital, and a pro rata share of the Lloyd's syndicate Argenta Syndicate 2121. According to Argenta, Lloyd’s Syndicate 2121 has a stamp capacity for 2017 of £300 million. The firms ... Read the full article
European reinsurers disciplined in a tough market: Fitch
17th March 2017
Large European reinsurers continued to show discipline in a very challenging marketplace and broader economic environment in 2016, as reserve releases declined and companies reported a reduction in renewed business, according to the latest European reinsurance market report from Fitch Ratings. The profitability of European reinsurers remained pressured throughout 2016, with Fitch ... Read the full article
Major reinsurers combined ratios over 100% on normalised basis: Fitch
16th March 2017
On a normalised basis major European reinsurers combined ratios were over 100% last year, but industry players benefitted from unusually favourable circumstances with lower-than-expected major losses and large prior year reserve releases meaning carriers maintained resilience in a tough market, according to Fitch. This normalised combined ratio rate of over 100% means under ... Read the full article
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