Hannover Re
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The merged specialty business is led by former Inter Hannover chief Ralph Beutter.
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He co-leads the carrier’s financial risks reinsurance business with Susan Barber.
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The insurance holding company’s long-term issuer credit rating was upgraded while its financial strength rating was affirmed.
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The German reinsurer will take a 10 percent share of losses in the first layer of the group’s reinsurance programme. -
The Insider 50 contracted by 5.6 percent last week.
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Above-average cat losses dominate discussions during the P&C earnings season.
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The executive spent 37 years with the carrier before his unexpected death on Friday.
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The Hannover Re parent reiterates annual group profit forecasts for this year and next.
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P&C reinsurance books a EUR314.8mn profit and a combined ratio of 98.7 percent despite EUR219mn cat hit.
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Billions of dollars of additional quota-share cover will also be purchased.
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Before Florence and Michael, rate reductions had looked set to resume.
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The Insider 50 closed last week at 1,071.3 points, a 3.5 percent decline week on week
