Reinsurance News
Hannover Re
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
Hannover Re puts P&C coronavirus exposure at €200mn
12th March 2020
German reinsurer Hannover Re has estimated that its maximum exposure to coronavirus losses on the property and casualty (P&C) side of its business is around €200 million. Speaking alongside the release of the company’s 2019 results, executives explained that Hannover Re could see costs related to business interruption and cancellation ... Read the full article
Nat cat losses stunt Hannover Re’s P&C performance
11th March 2020
Global reinsurer Hannover Re has posted a net income of €1.28 billion for 2019, a 21.2% increase from the previous year, despite significant property and casualty reinsurance losses. The largest loss was hurricane Dorian at a net cost of €194.7 million. Typhoons Hagibis and Faxai caused further expenditure of €183.8 million ... Read the full article
Hannover Re’s parent Talanx announces record results in 2019
6th February 2020
Talanx, the parent company of German reinsurer Hannover Re, has announced record results of €923 million (roughly USD 1 billion) in 2019, driven in part by an extremely strong performance within its reinsurance segment. Based on preliminary unaudited consolidated figures, the Talanx's earnings jumped by approximately 30% from the €703 million ... Read the full article
Hannover Re exposure to coronavirus not significant, says CEO
5th February 2020
Hannover Re does not anticipate any significant exposure to losses that could stem from the ongoing coronavirus outbreak, according to its Chief Executive Officer (CEO), Jean-Jacques Henchoz. While it remains too early to assess losses, Hannover Re’s management is confident that the company has limited exposure to pandemic risk in Asia, ... Read the full article
Hannover Re posts 2.3% rate rise at ‘solid’ January renewal
5th February 2020
Reinsurance giant Hannover Re expects to generate net income of around €1.28 billion in 2019 and grew its premium volume in traditional property and casualty reinsurance by 14% at January 1 renewals, with the price increase for the renewed business amounted to 2.3%. At 15.5%, the strongest growth in the renewals ... Read the full article
Top reinsurers’ exposure to Wuhan coronavirus, Asia pandemic analysed
23rd January 2020
With official numbers of the Wuhan coronavirus currently standing at 585 confirmed infected and 17 dead, Morgan Stanley analysts have detailed the extent to which the top four European global reinsurers are exposed to pandemic risk in Asia. As of 2018, Munich Re wrote €2.3 billion in premiums in Asia via ... Read the full article