Hannover Re
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The mid-year renewals point to mounting pressure on reinsurance pricing. -
Plus, the latest people moves and all the top news of the week.
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The Hannover Re CEO said rate adequacy remains “attractive” overall.
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California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.
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Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015.
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Vincent Hermenier joined Hannover Re in 2004.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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Plus, the latest people moves and all the top news of the week.
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Sources warned some property XoL books are already running 50% loss ratios.
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