Reinsurance News

Hannover Re

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

Gareth Matthews named Chief Underwriter at Hannover Re UK Life Branch

3rd July 2020

Global reinsurer Hannover Re has announced the appointment of Gareth Matthews as Chief Underwriter for the Hannover Re UK Life Branch, effective July 1st, 2020. Matthews takes over from Stuart Johnson who has retired following more than six years with Hannover Re and almost four decades in the industry. Since 2014, Matthews ... Read the full article

Higher margins may offset fading investment income for major reinsurers: Fitch

29th May 2020

The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article

Hannover Re’s Shanghai branch gets approval for $212mn capital increase

11th May 2020

Xinhua News Agency has reported that the China Banking Regulatory Commission has granted Hannover Re's Shanghai Branch approval an additional 1.5 billion yuan ($212 million) to its registered capital. This increase brings total registered capital to 4.1 billion yuan ($577 million). Earlier in September 2019, Hannover Re had added an additional 1.55 ... Read the full article

COVID-19 dents Hannover Re’s P&C result, Group net income still up 2.5%

6th May 2020

Reinsurance giant Hannover Re has reported an increase in net income to €300.9 million for the first-quarter of 2020, as an improved performance within Life and Health (L&H) more than offset the impacts of COVID-19 on the reinsurer's Property and Casualty (P&C) reinsurance unit. Group net income improved by 2.5% in ... Read the full article

Hannover Re withdraws 2020 profit guidance on COVID-19 pandemic

22nd April 2020

Global reinsurance giant Hannover Re has withdrawn its profit guidance for 2020 in light of the ongoing COVID-19 coronavirus pandemic and related uncertainty surrounding claims and the capital market landscape. The German reinsurer states that its first-quarter 2020 results were not significantly impacted by the global spread of the coronavirus as ... Read the full article

Talanx posts record €923mn net income for 2019 despite large losses

16th March 2020

Talanx, the parent company of Hannover Re, generated a record net income of €923 million during 2019 despite higher-than expected large losses. Total large losses amounted to €1.3 billion, due above all to events in non-life reinsurance. €363 million of this figure was attributable to primary insurance, while reinsurance accounted for the ... Read the full article