Hannover Re
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Ukraine uncertainties remain despite some loss estimates emerging in Q1 earnings across the Big Four European carriers, while inflation looms on the horizon. -
The carrier decided against booking a precautionary aviation charge due to a “lack of clarity”.
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The carrier also took heavier-than-budgeted major losses of EUR336mn.
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On its earnings call, the company also announced it is buying reinsurance and retro cover on an all risk and war basis.
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The unit profited despite large losses over 2021 of EUR1.1bn.
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The reinsurer said it was anticipating increased volume for catastrophe bonds and collateralised reinsurance this year.
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Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
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The carrier also trimmed its retro programme in “challenging” buying conditions.
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The carrier expanded premium by 8.3% at the January renewal.
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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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