Hannover Re
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The reinsurer says US property catastrophe rates are now “satisfactory”, with more upward pressure to come.
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First-half executive commentary also reveals Hannover Re is allocating capital for growth as Scor continues portfolio review. -
HDI Global Specialty drives premium growth in the division.
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Former HDI finance chief Jungsthöfel will be replaced by Christian Hermelingmeier.
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The carrier also expects the Beirut explosion to be a "major loss".
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Group operating profit fell 84.4% in the quarter after pandemic claims and a series of large losses.
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Report claims insurers have underperformed the wider financial services industry in terms of total shareholder return during the pandemic.
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The executive steps down after 14 years but will work as an adviser to the Hannover Re parent.
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Hannover Life Bermuda chief Cardinez has been promoted to the role.
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The four continental European reinsurers expect Covid-19 to accelerate price momentum despite divergent approaches at 1.4.
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The Hannover Re parent’s primary business took under a third of the losses, with reinsurance taking a EUR220mn hit.
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CEO Jean-Jacques Henchoz highlights structured reinsurance as an area of brisk demand.
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