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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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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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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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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