Reinsurance News
Hannover Re
Capital adequacy remains a key strength for Europe’s big four: Moody’s
31st August 2022
According to a Moody’s Investors Service report, falling bond and equity prices resulted in a significant decline in reported shareholders' equity, though capital adequacy remains a key strength for Europe’s big four reinsurers, confirming the cohort's capacity to absorb future shocks. Rising rates were positive for the sector’s regulatory Solvency II ... Read the full article
Nat cats a key consideration for Europe’s big four reinsurers in H2, says Moody’s
30th August 2022
Natural catastrophes have weakened Europe’s big four reinsurers' results in H1, and with the peak North Atlantic hurricane season still to come, there is a risk that they might do so again in H2, says a Moody’s investors service report. The four reinsurers reported combined net profits of €1.9bn in the ... Read the full article
Europe’s big four see P&C reinsurance underwriting performance deteriorate: Moody’s
26th August 2022
Europe’s big four average net combined ratio from property and casualty (P&C) reinsurance deteriorated to 98.9% from 95.5% a year earlier, with only Munich Re reporting a stronger P&C combined ratio, says Moody’s. The report suggests that the group's weaker P&C underwriting performance partly reflects several small to mid-sized natural catastrophe ... Read the full article
“European reinsurers underperforming market so far this year” – Goldman Sachs
25th August 2022
A new note from Goldman Sachs says that all four large European cap reinsurers have underperformed the market so far in 2022. The firm said that this was because of higher inflation, higher weather losses, potential Russia/Ukraine losses, and COVID losses. It wrote: “However, we have seen some of these issues and ... Read the full article
Munich Re remains the world’s largest reinsurance company
17th August 2022
After taking the top spot last year, global reinsurer Munich Re remains the world's largest reinsurance company, with gross life & non-life reinsurance premiums written of more than $46.8 billion in 2021, as shown by our directory of the Top 50 Global Reinsurance Groups. The directory is ... Read the full article
Hannover Re adds Swiss Re’s Sharon Ooi to Exec Board to bolster Asia focus
4th August 2022
Sharon Ooi of Swiss Re is set to join reinsurer Hannover Re's Executive Board to strengthen its focus on Asia in January 2023, primarily based in Hong Kong. In her new role, Ooi will oversee the further expansion of the company's property and casualty reinsurance business in the Asia-Pacific region. Ooi joins ... Read the full article
Hannover Re posts solid H1 net income despite elevated large loss experience
4th August 2022
Hannover Re, one of Europe's largest reinsurers, has today announced net income of €649 million for the first half of 2022, while the firm's property and casualty (P&C) reinsurance underwriting declined on the back of higher than expected large losses. Group net income of almost €650 million represents a 3% decline ... Read the full article
AXA tops list of largest EU insurers ranked by GPW
1st August 2022
When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020. Based on research data from ratings agency AM Best, our directory ... Read the full article
Appetite for underwriting property cat reinsurance business tightening
1st June 2022
Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article
Hannover Re’s Ukraine war provision excludes potential aviation losses: CFO Jungsthöfel
4th May 2022
After reporting an additional general provision in the low triple-digit million euro range in relation to the ongoing war in Ukraine, Hannover Re's Chief Financial Officer (CFO), Clemens Jungsthöfel, has explained that this does not include additional reserves for the aviation line of business. This morning, the German reinsurer announced ... Read the full article
Hannover Re generates Q1 profit of €264m despite above budgeted major losses
4th May 2022
Global reinsurer Hannover Re has recorded a profit of €264 million for the first quarter of 2022, despite above budgeted catastrophe losses within its property and casualty (P&C) reinsurance business, and additional pandemic-related losses in life and health (L&H). While positive, Group net income did fall by almost 14% from the ... Read the full article
Allianz latest to rule out insuring East African Crude Oil Pipeline
11th April 2022
Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article
Hannover Re joins top reinsurers in rejecting EACOP pipeline
28th March 2022
Global reinsurer Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, SCOR had also committed not to insuring EACOP, with Hannover Re quickly following suit, stating, “we refrain from providing reinsurance coverage ... Read the full article
Hannover Re opens up insurtech innovation platform hr | equarium
24th March 2022
Following the launch of hr | equarium in 2019, Hannover Re is opening up its innovation platform to all interested parties with immediate effect, in a move it says will enable more insurers to access services and solutions from insurtechs. hr | equarium is Hannover Re’s publicly accessible insurtech innovation ... Read the full article
Hannover Re’s net income rises to €1.23bn despite heavy cat & COVID load
10th March 2022
Global reinsurer Hannover Re has today reported a 39% rise in net income to €1.23 billion for 2021, despite major losses in its property and casualty (P&C) arm coming in above expectations, and a sizeable COVID-19 impact in its life and health (L&H) reinsurance business. Across the Group, net income increased ... Read the full article