Hannover Re
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Stefan Sperlich will lead the new division as managing director.
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Hard-won profitability has given carriers room to salt away reserves.
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The reinsurer’s solvency ratio currently stands at 269%.
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The recruit will run E+S Rück and part of European reinsurance.
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The carrier has also recruited Swiss Re’s Thorsten Steinmann.
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Opportunities for profitable growth remain in 2024, the agency said.
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Being underweight US casualty gives the firm more room than peers to manoeuvre.
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The carrier said a tax windfall and better profits made bolstering possible.
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The carrier increased premium volume by 6.9% at 1 January.
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The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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After rapid growth, can the ‘darling of European insurance’ maintain its lean style?
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.
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Cat losses were within budgets despite high levels of minor events.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The firm’s insurance revenue result was pulled down by currency effects among other factors.
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As the curtain comes down on the millionth Monte Carlo Rendez-Vous, and the prices in the cafes and restaurants are presumably reset to their customary levels, the conference has again done its main job.
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Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.
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Chairman and CEO Jean-Jacques Henchoz sees affordability of insurance becoming a politicised issue, while discussions on preventive measures remain on the sidelines.
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CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.
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Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.
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Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.
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The (re)insurer’s CEO Jean Jacques Henchoz said that Hannover Re remains on track for its full-year combined ratio target of 91-92%.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
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The reinsurer said its P&C re division is on track to contribute at least EUR1.6bn to its full-year operating result at year-end.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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Analysts expressed surprise at the “underwhelming” profit and RoE projections.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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In a brief update, the (re)insurer said reinsurance revenue is expected to grow by at least 5% at constant exchange rates.
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Exclusions and coverage changes absolutely make sense as a goal, but some wordings have thrown up additional risks.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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Cedants are grappling with rising rates while coverage narrows.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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The carrier booked a Hurricane Ian loss of EUR276mn.
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The firm said inflation and modelling changes had driven the need for bigger limits.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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The company’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.
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Swiss Re, Munich Re, Hannover Re and Scor have set out their strategies on inflation, pricing and Ukraine.
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The reinsurer so far has made no claims on its retro protections for war-related impacts.
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Sharon Ooi joins Swiss Re’s executive board and will be based largely in Hong Kong.
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The carrier booked EUR316mn in reserves for Ukraine during the first half.
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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.
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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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The P&C unit’s combined ratio deteriorated to 101.5% after triple-digit Ida and Bernd losses.
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The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The reinsurer aims to become carbon-neutral in operations by 2030, whilst its reinsurance target date is 2050.
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Analysis of financial data shows that the last decade has seen a marked increase in the proportion of premiums ceded by carriers in all sectors.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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The Hannover Re CEO said that the issue of mitigation had become “totally dominant” in discussions about the climate crisis.
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Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
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The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
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Hannover Re’s P&C re unit reported Q2 operating profit of EUR466mn ($528mn) compared to a loss of EUR14.9mn last year, as the segment benefited from a significant reduction in large losses.
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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.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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The business segment, which includes HDI Global Specialty, has already exceeded its full-year large loss budget.
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The 1 January renewal will be a battle for the biggest slice of post-Covid upside.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
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CEO Michael Pickel says Covid-19-related losses and the low interest rate environment have made price increases “absolutely essential”.
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The carrier participates in payout schemes to policyholders despite doubts over coverage.
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The Hannover Re CEO forecast that rate momentum will grow from levels set in mid-year 2020.
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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.
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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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Operating profit within the P&C reinsurance division falls 8.9 percent in the quarter.
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Analyst Jonny Urwin says Hannover Re is likely to remain resilient despite pulling 2020 guidance.
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The Hannover Re parent predicts little-changed Q1 profit of EUR223mn.
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The carrier moves to manage expectations amid Covid-19 uncertainty.
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The company notes that only 1% of assets under management are listed equities.
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The CEO predicts new broker start-ups as a result of the fusion.
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Despite large Q4 cat losses, the P&C normalised combined ratio improved year on year.
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The figure includes losses associated with the cancellation of the Tokyo Olympics.
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The carrier passes on about 36 percent of a total of EUR1.5bn in large claims to reinsurers.
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Large losses for the year of about EUR956mn come in more than 9 percent above the carrier's annual budget.
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Disparate attitudes between European reinsurers could temper aggressive rate increases at the key 1 April renewal.
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Significant rate growth continues to elude reinsurers, while PartnerRe hunts for a new home.
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No early indication that reinsurance pricing is catching up with insurance rate acceleration.
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The Hannover Re parent says profitability improved across all divisions.
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The carrier notes an underwhelming industry response at 1 January to recent natural catastrophe losses.
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NDF Deutschland will work in tandem with a parallel UK-backed vehicle to mitigate developing world nat cat and climate change risk.
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The division came under new leadership in May and is on track to meet its targets.
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The executive focused on casualty classes, including motor, liability and professional indemnity.
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The four European carriers have significantly outpaced Bermudian reinsurers in GWP growth so far this year.
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The industrial lines unit, which now includes HDI Specialty, swings top an operating profit.
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Carrier pegs industry-wide Faxai and Dorian losses at $5bn-$7bn each.
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Citi and RBC see ample room in the full-year cat budget for Hagibis claims.
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Losses from natural catastrophes and Thomas Cook push the carrier into an underwriting loss within the P&C reinsurance unit.
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The Hannover Re executive predicts stronger rate growth in the US.
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In his first interview since taking the helm at Hannover Re, the new CEO tells Adam McNestrie what he will preserve and how he will change the business
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The reinsurer also reiterates optimism about the 1.1 renewals.
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The reinsurer maintains its EUR1.1bn profit forecast for 2019.
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Swiss Re leads the charge on US exposure as reinsurers prepare for North American hurricane season.
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The loss creep booked in the P&C reinsurance division offset improvement seen in the industrial lines segment.
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CFO Vogel says the impact of the event has yet to feed through into rates.
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The global reinsurer reports strong demand in Japan and India and significant price increases at key renewals.
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The group’s reinsurance operations improved while the turnaround at the industrial lines continues.
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Large losses decline by almost a fifth, while the P&C re underwriting result improves.
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The acquirer builds on last year’s purchase of a local unit of Liberty Mutual.
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The underwriting plan builds on last year’s decision to curtail fossil fuel investment.
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Company predicts a “balanced underwriting result” for its restructuring HDI division this year.
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Hannover and Scor wrote more P&C business last year but Swiss Re held back
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The outgoing chief Ulrich Wallin flagged the potential for significant reserve releases with a forthcoming change in the UK’s Ogden discount rate.
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