Reinsurance News
Hannover Re
Hannover Re is one of the largest reinsurance companies in the world. Hannover Re transacts all lines of property and casualty and life and health reinsurance, operating globally and providing meaningful limit to its clients.
Hannover Re was founded in 1966 and went public in 1994 and operates a worldwide network of subsidiaries, branches and representative offices underwriting business such as facultative, direct and catastrophe XoL reinsurance business in the P&C market, as well as life, health, annuity and personal accident reinsurance business.
Read all our Hannover Re reinsurance news below.
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
Global Parametrics renews Mexican reef cover, backed by Hannover Re
3rd September 2020
Global Parametrics, the parametric and index-based risk transfer startup, has led the renewal of a MXN 42.5 million (USD 1.9 Million) Mexican Reef Protection Program with reinsurance support from Hannover Re. Global Parametrics structured a parametric solution which pays out to support the restoration of a section of the Mesoamerican reef ... Read the full article
Average combined ratio of the world’s top reinsurers declined in 2019
2nd September 2020
Analysis of the Top 50 Global Reinsurance Groups reveals that, year-on-year, combined ratios trended higher for some of the largest players in the market in 2019 as underwriting profitability dipped for the cohort. When ranked by unaffiliated gross written premiums (GWP) in 2019, the top ten remains relatively unchanged year-on-year, ... Read the full article
European reinsurers top tier globally by business profile: Fitch
24th August 2020
The four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR SE are among the top tier of global reinsurers by business profile, Fitch Ratings says. Large franchises and a high degree of diversification underpin Fitch's assessment of very strong business profile for each group. The capital adequacy of ... Read the full article
COVID-19’s impact on Europe’s top reinsurers considerable, varied: Fitch
14th August 2020
Despite the H120 results from the four major European reinsurers - Munich Re, Swiss Re, Hannover Re and SCOR - revealing considerable pandemic-related claims, the impact of the pandemic on the four reinsurers varied significantly. This is in part due to differences in exposure to lines of business affected by the ... Read the full article
Hannover Re’s Vogel to retire; HDI’s Jungsthöfel appointed new CFO
7th August 2020
Roland Vogel, the Chief Financial Officer (CFO) of German reinsurance giant Hannover Re, is retiring from the company on September 30th, 2020 after more than three decades of service to the firm, and will be succeeded by Clemens Jungsthöfel, the current CFO of HDI Global SE. During his long and distinguished ... Read the full article
Hannover Re’s H1 net income falls as COVID-19 reserves hit €600mn
5th August 2020
Global reinsurance giant Hannover Re has reported a 39.3% decline in net income for the first six months of the year to €402.4 million, as the firm set aside additional reserves of €380 million for estimated losses associated with the ongoing COVID-19 pandemic. The increase in reserves means that the reinsurer ... Read the full article
Re/insurers cannot shoulder pandemic risk: Hannover Re’s Henchoz
20th July 2020
Hannover Re CEO Jean-Jacques Henchoz has warned that the re/insurance industry does not possess the capital and should not be expected to shoulder a systemic global risk like the COVID-19 pandemic. “We cannot diversify it as a risk,” he told Swiss, German-language newspaper Neue Zürcher Zeitung. Henchoz explained that other approaches to ... Read the full article
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