Hannover Re
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The outgoing CEO will leave the company at the end of March 2025. -
The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The carrier’s EUR6bn structured reinsurance team is set to grow.
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Plus the latest people moves and all the top news of the week.
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Scor disclosed L&H troubles while Swiss Re continued reserving for US casualty.
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Clemens Jungsthöfel said Hannover Re was sticking with its first-quarter approach.
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German floods were the carrier’s largest H1 loss, at EUR120mn.
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Combined ratios improved all around thanks to better pricing and a benign cat quarter.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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At group level, Hannover Re's operating income grew by 15% to EUR558.1mn.
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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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