Hannover Re
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Swiss Re, Munich Re, Hannover Re and Scor have set out divergent strategies on cat as volatility increases and the retro market seizes up.
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The transaction will free up capital for Hannover’s reinsurance growth.
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Hurricane Ida will also hit the K-Cession sidecar but not the XoL cover, board member Sven Althoff said.
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The P&C unit’s combined ratio deteriorated to 101.5% after triple-digit Ida and Bernd losses.
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The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The reinsurer aims to become carbon-neutral in operations by 2030, whilst its reinsurance target date is 2050.
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Analysis of financial data shows that the last decade has seen a marked increase in the proportion of premiums ceded by carriers in all sectors.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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The Hannover Re CEO said that the issue of mitigation had become “totally dominant” in discussions about the climate crisis.
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Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
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The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
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Hannover Re’s P&C re unit reported Q2 operating profit of EUR466mn ($528mn) compared to a loss of EUR14.9mn last year, as the segment benefited from a significant reduction in large losses.
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