Reinsurance News
Hannover Re
Europe’s big four hit with record Q3 losses but capitalisation remains strong: Fitch
16th November 2017
The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article
Hannover Re sells stocks to help pay hurricane claims and for future opportunities
9th November 2017
To help pay for claims from hurricanes and earthquakes, and to free up capital for opportunities that may emerge at renewals, Hannover Re has sold its entire stock portfolio, worth about EUR 953 million. Hannover Re reported EUR 1.6256 billion of gross large losses for the first nine months of 2017, but ... Read the full article
Hannover Re posts slim Q3 net income, as retro helps reinsurer pay losses
8th November 2017
Reinsurance giant Hannover Re saw its net income decline to €14 million in the third-quarter of 2017, as net catastrophe losses of €894.3 million exceeded its large loss budget for the first nine months of the year by roughly €270 million. The Germany-based reinsurer recorded gross catastrophe losses of €1.625 billion ... Read the full article
Deutsche Bank turns positive on European reinsurers’ pricing outlook
31st October 2017
Deutsche Bank has turned positive on its European reinsurance pricing outlook after hurricanes Harvey, Irma, Maria, and the Mexican earthquakes caused widescale market disruption, with an expected $95 billion global market impact. Deutsche Bank said "this will be by far the biggest individual driver for the quarter and given the magnitude ... Read the full article
Hannover Re’s parent exhausts large loss budget on HIM & Mexico quakes
27th October 2017
Talanx Group, the parent company of reinsurance giant Hannover Re, has announced losses of approximately €900 million (US$1.05bn) from hurricanes Harvey, Irma, and Maria, and the two Mexico earthquakes, meaning it's now exhausted its catastrophe loss budget for 2017. Talanx announced previously that it expects to "exceed the pro-rata large loss ... Read the full article
Premium growth forecast for German market: Hannover Re
23rd October 2017
Hannover Re forecasts modest market growth for its subsidiary, E&S Rueck, with rate increases for loss-impacted programmes and increased demand in cyber and telematics risks, in the upcoming January 1st renewals. Rate improvements are expected in motor insurance lines; prices for natural catastrophe covers are predicted to at least remain stable. "When ... Read the full article
Hannover Re US provides aggregate excess of loss cover for Next Generation ACO
3rd October 2017
Global reinsurance player Hannover Re said today that its U.S. arm Hannover Life Reassurance Company of America (Hannover Re US) has closed on an aggregate excess of loss protection for UT Southwestern, a Texas-based Accountable Care Organization (ACO). UT Southwestern participates in the so-called Next Generation ACO Model, a healthcare system ... Read the full article
Hannover Re delivers profit warning on recent catastrophes
21st September 2017
German reinsurance giant Hannover Re has issued a profit warning, as it believes that the aggregation of losses from recent natural catastrophe events will take it over its large loss budget for the year and hit profits. "The insurance industry currently finds itself faced with a number of severe natural catastrophe ... Read the full article
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
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