Hannover Re
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Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015. -
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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Some of the Big Four are slowing growth as the market softens.
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For the prior-year quarter, the carrier reported a EUR9mn loss.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The carrier reported cat price reductions of 5.4% at the January renewals.
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