Reinsurance News

Hannover Re

QBE and Sompo the latest re/insurers to quit NZIA

26th May 2023

QBE and Sompo Holidngs have both announced their resignations as a member organisation from the Net Zero Insurance Alliance. This news takes the total now exited from the NZIA to nine major insurance and reinsurance players. The QBE and Sompo Holdings exits come right after two other big firms, namely AXA ... Read the full article

AXA and Allianz have announced their exit from the NZIA

26th May 2023

Two more big firms namely AXA and Allianz have announced their exit from the NZIA. This news comes in post comments made by John Neal the Chief Executive of Lloyd’s of London to Reuters urging the global climate alliance for insurers to make its membership rules less prescriptive or risk ... Read the full article

Europe’s big four see “better-than-expected” financial performance in Q1: Fitch

25th May 2023

Three out of the four major European reinsurers reported better technical results in Q1 of 2023 despite a high natural catastrophe charge, suggest analysts at Fitch Ratings. Fitch explains that better pricing and portfolio adjustments made up part of the improvement, however, discounting effects under IFRS 17 also led to a ... Read the full article

Republican AGs pen critical letter to NZIA members conveying “legal concerns”

18th May 2023

A consortium of Republican state attorneys general (AG) has penned a letter to insurers of the Net-Zero Insurance Alliance (NZIA) raising concerns about the legality of their commitments to collaborate with other insurers and asset owners in order to "advance an activist climate agenda." The targeted insurers are all NZIA members, ... Read the full article

Hannover Re’s underwriting performance improves as net income climbs in Q1 2023

11th May 2023

Global reinsurer Hannover Re has reported reinsurance revenue of EUR 6.6 billion for the first quarter of 2023, as the reinsurance service result increased 35% year-on-year to EUR 568 million, despite large losses from catastrophes amounting to EUR 334 million. All in all, Hannover Re has reported a rise in Group ... Read the full article

Talanx names Simone Auer Chief Risk Officer

8th May 2023

Simone Auer has been appointed to the role of Chief Risk Officer for Talanx, Hannover Re’s parent company. She succeeds Professor Dr Gerhard Stahl, the long-term head of Group Risk Management who will stay on with the Group as Research Advisor. Auer will be taking over the role starting May 1, ... Read the full article

Large losses to come in above budget for Europe’s big four reinsurers in Q1: BofA

3rd May 2023

Bank of America (BofA) estimates that European reinsurance results will fail to hugely impress against already-high expectations for the sub-sector, while analysts expect that all four major European reinsurance companies will have exceeded their Q1 large losses budget. The key factor for these losses according to the bank is natural disasters. ... Read the full article

Hannover Re the latest to leave Net-Zero Insurance Alliance

19th April 2023

German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article

Specialty reinsurers’ combined ratios may be ‘too conservative’: RBC Capital Markets

18th April 2023

RBC Capital Markets said specialty reinsurers' combined ratios may be "too conservative" due to factors such as conservative reserving, rebuilding reserve buffers, and higher investment returns which could offset weaker underwriting returns. Insurers are expected to report strong solvency positions and detail any relevant asset exposures, with a focus on the ... Read the full article

Hannover Re promotes Kasman to Team Lead Korea

3rd April 2023

Firdaus Kasman has been promoted as the new Team Lead for Korea at German reinsurer Hannover Re. This move comes as a part of the company’s streamlining of its P&C operations. Kasman will be expanding his role in managing the Korean P&C treaty portfolio together with the company’s Korean underwriters. Kasman was ... Read the full article

Europe’s big four hit by weaker underwriting & investment losses: Fitch

27th March 2023

Hannover Re, Munich Re, SCOR and Swiss Re all reported lower earnings for 2022 as high inflation, rising interest rates and climate-related costs led to lower underwriting and investment results, suggests a new report from Fitch Ratings. The rating agency notes that in 2022, attempts to raise prices proved to be ... Read the full article

Hannover Re pegs Turkey quake loss at €200m as Althoff highlights Q1 loss budget erosion

9th March 2023

German reinsurer Hannover Re expects a net loss of in the range of €200 million in the first quarter of 2023 as a result of the devastating earthquakes in Turkey and Syria, which together with losses from the severe weather in New Zealand, has eroded much of its major loss ... Read the full article

Hannover Re achieves higher net income but major losses dent P&C underwriting result

9th March 2023

Hannover Re, one of Europe's big four reinsurers, has announced a rise in net income for the full year 2022, although the firm's property and casualty (P&C) combined ratio deteriorated to 99.8% as large loss expenditure exceeded expectations for the sixth consecutive year. Group-wide, net income rose 14.2% year-on-year to the ... Read the full article

Hannover Re achieves better prices & conditions at Jan 1 reinsurance renewals

8th February 2023

German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 8.0% in the 1 January 2023 treaty renewals in traditional property and casualty reinsurance. Hannover Re suggests that the market environment at the renewals was challenging for all, citing Russia's war against ... Read the full article

Hannover Re posts income of €1.4bn for 2022, targets €1.7bn for 2023

1st February 2023

Reinsurer Hannover Re has reported group net income of €1.41 billion for the 2022 financial year, based on preliminary figures, up from €1.23 billion in the previous year. Looking ahead, the company is targeting net income of at least €1.7 billion for 2023, with reinsurance revenue expected to grow by at ... Read the full article