Reinsurance News
Hannover Re
Hannover Re’s H1 profit rises as P&C result offsets COVID losses in L&H
5th August 2021
Global reinsurer Hannover Re has reported Group net income of €670.6 million for the first half of 2021, supported by a significant improvement in the performance of its property and casualty (P&C) business, somewhat offset by COVID-19 losses of €236.4 million in its life and health (L&H) operation. For H1 2021, ... Read the full article
Penn River partners with Hannover Re US
8th June 2021
Penn River has entered into a partnership with Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re. The partnership will enable Penn River to launch a reinsurance addition to its ProductHub platform. This addition to the platform gives its clients the ability to integrate with ... Read the full article
Life reinsurers hit with $4.4bn of COVID-19 claims in Q1, says Bloomberg report
1st June 2021
According to a new report from Bloomberg, the cumulative cost of COVID-19 claims for the largest life reinsurers hit $4.4 billion in the first quarter of the year as mortality rates spiked. The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada ... Read the full article
IDF program looks to develop parametric solutions in Colombia
18th May 2021
Public-private partnership the Insurance Development Forum (IDF) has launched a program aimed at developing a parametric flood and earthquake product, as well as an indemnity landslide protection, in Colombian city of Medellín. The project includes participation from IDF members Hannover Re and Willis Towers Watson and t is part of the ... Read the full article
Talanx reports 24.5% net income climb in Q1
11th May 2021
Hannover Re parent Talanx Group saw net income climb 24.5% to $277 million during the first quarter of 2021. Gross written premiums rose by 9.4% to €13.6 billion, while operating profit amounted to €625 million, up 11.8% compared to the prior-year quarter Talanax attributes these increases to positive one-off effects in both ... Read the full article
Hannover Re improves P&C results, confirms profit targets for 2021
5th May 2021
Hannover Re, one of the major European reinsurers, has confirmed its profit targets for 2021 after posting double-digit growth in premium income in the first quarter, as well as modestly improved group net income. Gross premiums were up by 11.9%, or 16.8% adjusted for exchange rate effects, while net income increased ... Read the full article
Major re/insurance players commit $2mn to Oasis Loss Modelling Framework
23rd March 2021
A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article
Hannover Re in £3bn longevity swap with AXA UK Pension Scheme
18th March 2021
Hannover Re has entered into a longevity swap transaction with the AXA UK Group Pension Scheme, which will protect £3 billion of mostly deferred pension liabilities held in the Scheme’s Defined Benefit plan. The swap, which closed on 27 February 2021, will form part of the Scheme’s investment portfolio, building upon ... Read the full article
Swiss Re & Hannover Re warn of COVID-19’s claim tail & litigation risk
17th March 2021
Two of the world's largest reinsurance firms are warning that while the immediate losses caused by the global COVID-19 coronavirus pandemic may be largely reserved for, both expect a longer-tail of exposure to develop over time. There is great uncertainty over the potential for the COVID-19 pandemic to drive losses to ... Read the full article
Talanx falls to underwriting loss on €2.1bn of large losses
15th March 2021
Talanx, the parent of major European reinsurance company Hannover Re, has reported an underwriting loss of €2.8 billion for 2020 amid total large losses of a significant €2.1 billion, driven mostly by the coronavirus pandemic. The company's underwriting performance deteriorated further from the €1.8 billion loss reported in 2019, as the ... Read the full article
Hannover Re’s income robust but large losses (COVID) dent underwriting result
11th March 2021
Global reinsurer Hannover Re has outperformed its Group profit guidance of more than €800 million for 2020 despite the significant impacts of the COVID-19 pandemic, which, alongside other large losses pushed the firm's property and casualty (P&C) combined ratio into unprofitable territory. Group net income declined from the €1.3 billion posted ... Read the full article
Hannover Re’s COVID-19 hit rises to $1.44bn for 2020
4th February 2021
Hannover Re, one of the major European reinsurers, has today announced an additional €350 million (USD 420mn) of losses across its property and casualty (P&C) and life and health (L&H) operations from the ongoing COVID-19 pandemic. Early this morning, the German reinsurance giant updated the market on its experience at ... Read the full article
Hannover Re reports average price increase of 5.5% at Jan 1st renewals
4th February 2021
Reinsurer Hannover Re has reported an average price increase of 5.5% on renewed business at the January 1st, 2021 renewals, as the firm booked premium growth in traditional property and casualty reinsurance of 8.5%. According to Hannover Re, the pricing trend witnessed at 1/1 was driven by the substantial burden of ... Read the full article
Hannover life makes three senior appointments
2nd February 2021
Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has promoted Tiffany Norman to Senior Vice President, Head of Annuity Solutions, along with Aaron Kinakin to Senior Vice President, Head of Structuring, and Thomas Porter who will be the new Senior Vice President, ... Read the full article
Hannover Re agrees reinsurance deal with Independent Life
5th January 2021
Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has entered an agreement to reinsure a percentage of Independent Life's new and existing business. Independent Life will remain 100% responsible for the benefit payments to the structured settlement payees and will continue to administer these ... Read the full article