Hannover Re
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State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.
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Casualty insurance head Bradley Knight will work alongside fellow deputy Barney Smythe.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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The carrier expects rate increases on US and Australian accounts to be smaller than those at 1.1 and 1.4.
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The carrier reported price increases at 1.1 of 5% across the board.
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Hannover Re has emerged as an outlier by reducing its overall 2020 dividend, but its growth plans may alleviate disappointment about the policy.
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The company reports a 41% increase in full-year premium at HDI Global Specialty to EUR2bn.
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The carrier also said the Texas Big Freeze will be a "high double-digit million" loss.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The two European carriers are bullish after achieving the best overall rate increases since 2018 at 1 January.
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Citi, Jefferies and Berenberg laud the carrier’s steep rate increases in specialty lines.
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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn.
