Reinsurance News
12th February 2018
Saga plc, a specialty provider of products and services including insurance for the over 50's, has entered into a new quota share reinsurance arrangement with reinsurers New Re (part of the Munich Re group) and Hannover Re for its motor book of business. The quota share reinsurance arrangement will see 80% ... Read the full article
7th February 2018
After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article
24th January 2018
The parent company of reinsurance giant Hannover Re, Talanx Group, has agreed to acquire 99.4% of the shares in Liberty Sigorta A.S., Liberty Mutual Group's Turkish non-life subsidiary. The transaction enables Talanx to strengthen its presence in the Turkish marketplace, which is one of its core markets, and is expected to close ... Read the full article
12th January 2018
Egypt’s Arab Misr Insurance Group (GIG) has renewed a one-year reinsurance deal with Hannover Re under the same conditions and retention rates of last year, the Amwalalghad reported. The Egyptian Life Takaful Company is the first established Takaful life insurer in the Egyptian market, and boasts a good business profile across Egypt's insurance market. Last ... Read the full article
8th December 2017
Insurance Australia Group Limited (IAG) said this morning that it has entered into reinsurance arrangements with three of the biggest companies in the world, as it looks to better manage the volatility in its results. The 3 quota share reinsurance agreements will see IAG cede 12.5% of its underwriting business through ... Read the full article
20th November 2017
German actuarial specialists Meyerthole Siems Kohlruss (MSK) and E + S Rück, the German unit of global reinsurance giant Hannover Re, are partnering to develop tools to assist with pricing of cyber risks. In a two-pronged partnership, the pair are developing a pricing model for cyber risk underwriting as well as ... Read the full article
16th November 2017
The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article
9th November 2017
To help pay for claims from hurricanes and earthquakes, and to free up capital for opportunities that may emerge at renewals, Hannover Re has sold its entire stock portfolio, worth about EUR 953 million. Hannover Re reported EUR 1.6256 billion of gross large losses for the first nine months of 2017, but ... Read the full article
8th November 2017
Reinsurance giant Hannover Re saw its net income decline to €14 million in the third-quarter of 2017, as net catastrophe losses of €894.3 million exceeded its large loss budget for the first nine months of the year by roughly €270 million. The Germany-based reinsurer recorded gross catastrophe losses of €1.625 billion ... Read the full article
31st October 2017
Deutsche Bank has turned positive on its European reinsurance pricing outlook after hurricanes Harvey, Irma, Maria, and the Mexican earthquakes caused widescale market disruption, with an expected $95 billion global market impact. Deutsche Bank said "this will be by far the biggest individual driver for the quarter and given the magnitude ... Read the full article
27th October 2017
Talanx Group, the parent company of reinsurance giant Hannover Re, has announced losses of approximately €900 million (US$1.05bn) from hurricanes Harvey, Irma, and Maria, and the two Mexico earthquakes, meaning it's now exhausted its catastrophe loss budget for 2017. Talanx announced previously that it expects to "exceed the pro-rata large loss ... Read the full article
23rd October 2017
Hannover Re forecasts modest market growth for its subsidiary, E&S Rueck, with rate increases for loss-impacted programmes and increased demand in cyber and telematics risks, in the upcoming January 1st renewals. Rate improvements are expected in motor insurance lines; prices for natural catastrophe covers are predicted to at least remain stable. "When ... Read the full article
3rd October 2017
Global reinsurance player Hannover Re said today that its U.S. arm Hannover Life Reassurance Company of America (Hannover Re US) has closed on an aggregate excess of loss protection for UT Southwestern, a Texas-based Accountable Care Organization (ACO). UT Southwestern participates in the so-called Next Generation ACO Model, a healthcare system ... Read the full article
21st September 2017
German reinsurance giant Hannover Re has issued a profit warning, as it believes that the aggregation of losses from recent natural catastrophe events will take it over its large loss budget for the year and hit profits. "The insurance industry currently finds itself faced with a number of severe natural catastrophe ... Read the full article
12th September 2017
As Hannover Re prepares for upcoming renewals, the reinsurance giant believes the uncertainty left by hurricanes Irma and Harvey will push up prices for segments of North American business as well as create new opportunities for reinsurance as the devastated regions' economic losses highlight the U.S. flood protection gap. Hannover Re ... Read the full article
