Hannover Re
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Operating profit within the P&C reinsurance division falls 8.9 percent in the quarter. -
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.
