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 creates new specialty reinsurance business unit
26th March 2024
Global reinsurer Hannover Re has announced it will combine its global business in the areas of cyber and digital, creating a new specialty reinsurance business unit, effective from the 1st of April 2024. According to Hannover Re, the new business unit will further enhance its position as "a trusted business partner" ... Read the full article
Hannover Re entering 2024 with stronger balance sheet as it targets net income of at least €2.1bn
18th March 2024
Speaking during Hannover Re's earnings call for the 2023 financial year earlier today, Jean-Jacques Henchoz, the company's chief executive officer (CEO), confirmed that the company is aiming to deliver a group net income of at least €2.1 billion in 2024. He did note however, that this net income expectation is under ... Read the full article
Hannover Re adds Swiss Re’s Steinmann to Executive Board to succeed Pickel
18th March 2024
The Supervisory Boards of Hannover Rück SE and E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group's German business, have appointed Thorsten Steinmann as a member of the Executive Board, effective 1st September 2024. Steinmann succeeds Michael Pickel who will retire on 31st December 2024 after 25 years at ... Read the full article
Hannover Re’s 2023 net income improves as reinsurance revenue climbs to €24.5bn
18th March 2024
Hannover Re has disclosed that it generated net income of €1.8 billion for the 2023 financial year, up from €800 million in 2022 and beating its guidance of at least €1.7 billion. As a result of this, the firm's earnings per share reached €15.13, up from €6.47 in 2022. Hannover Re explained ... Read the full article
FEMA secures a further $575m of flood reinsurance for NFIP
11th March 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered into the agreements with its transformer reinsurer, Hannover Re (Ireland) Designated ... Read the full article
European reinsurers’ 1/1 renewals outcome suggests underwriting margins close to peaking: Fitch
29th February 2024
Analysis by Fitch Ratings on the outcome of the key January 1st, 2024, renewals for European reinsurers claims that underwriting margins are close to peaking as supply and demand exhibits greater equilibrium. Earlier this year, Fitch warned that reinsurers’ underwriting margins are likely to peak in 2024, as the rating ... Read the full article
April and July renewal enviroment will be “broadly similar” to 1/1: Hannover Re
7th February 2024
According to executives at large European reinsurer Hannover Re, the current market environment is anticipated to prevail at the upcoming April and mid-year renewals. As reported earlier, the German reinsurer achieved an inflation and risk-adjusted price increase on renewed business of 2.3% at the 1/1 2024 treaty renewals in traditional ... Read the full article
Hannover Re grows book by 6.9% at Jan 1 P&C reinsurance renewals
7th February 2024
German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 2.3% in the 1 January 2024 treaty renewals in traditional property and casualty (P&C) reinsurance. Hannover Re suggests that the market environment for the renewals proved to be more stable than in ... Read the full article
Hannover Re: 2023 operating result hit by “significantly higher” Q4 reserving
6th February 2024
Global reinsurance firm Hannover Re has warned that when it reports its full-year 2023 results, its operating result for the year will be impacted by a resiliency reserve that has been set "significantly higher" than forecast in the fourth-quarter. Hannover Re sets a property and casualty reinsurance resiliency reserve to balance ... Read the full article
Somerset Re appoints Hannover Re’s Thomas Porter as CUO
1st February 2024
Somerset Reinsurance, a provider of reinsurance solutions for life insurance and annuity business, has hired Thomas Porter as Chief Underwriting Officer. In the role, Porter will be based in Bermuda, and he will report to Jeff Burt, Chairman and Chief Executive Officer of Somerset. Porter joins the firm from Hannover Re, where ... Read the full article
Hannover Re names Olaf Brock as MD of Hannover ReTakaful and Bahrain Branch
25th January 2024
Hannover Re appointed Olaf Brock as Managing Director of Hannover ReTakaful and the Bahrain Branch in Manama, effective January 1, 2024. Brock, most recently in the role of Managing Director Group Finance at Hannover Re, began his tenure with the company in 1999 as Vice President Group Auditing. Over the years, he ... Read the full article
Hannover Re targets “industry-leading performance” in new strategy cycle 2026
12th December 2023
In its new strategy cycle through to 2026, reinsurance giant Hannover Re has asserted it aims to showcase "industry-leading performance" in terms of profitability and earnings growth, alongside maintaining its "lasting stability and resilience." As per Hannover Re, this new strategy is guided by three main beacons; Focus, Grow and Accelerate. The ... Read the full article
Hannover Re expects net income of €2.1bn for 2024, reinsurance revenue growth of over 5%
12th December 2023
Hannover Re, one of the world's largest reinsurers, is anticipating net income of at least €2.1 billion for 2024 and a combined ratio of below 89% in its property and casualty (P&C) reinsurance business in the period, as the firm unveils its programme for the strategy cycle through 2026. Group net ... Read the full article
Talanx posts 38% rise in 9M’23 net income, increases FY23 earnings forecast
13th November 2023
The Talanx Group, the parent company of global reinsurer Hannover Re, has disclosed that its Group net income increased 38% in the first nine months of 2023 to €1.3 billion, while the firm’s overall combined ratio also improved to 93.5%. Talanx’s insurance revenue in the period grew to €32.3 billion, while ... Read the full article
Hannover Re ‘happy’ with experience so far in 2023, despite rising frequency losses: Althoff
9th November 2023
German reinsurance giant Hannover Re will continue to manage growth within US wind very carefully in order to improve diversification, and despite a rise in frequency outside of the US, is happy with the experience year-to-date, according to Sven Althoff, Member of the Executive Board, Property & Casualty (P&C). This morning, ... Read the full article
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