Hannover Re
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The reinsurer plans to grow its US business at a higher rate than its non-US business. -
The carrier will pay special dividends only in exceptional circumstances.
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Continental composite carriers aim to smooth volatility with new initiatives.
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The former Hannover Re CEO said reinsurers must use alternative capital and tech.
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The reinsurer’s new CEO said he sees no need for a radical shift in strategy.
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The mid-year renewals point to mounting pressure on reinsurance pricing.
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Plus, the latest people moves and all the top news of the week.
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The Hannover Re CEO said rate adequacy remains “attractive” overall.
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California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.
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Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015.
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Vincent Hermenier joined Hannover Re in 2004.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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Plus, the latest people moves and all the top news of the week.
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Sources warned some property XoL books are already running 50% loss ratios.
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Some of the Big Four are slowing growth as the market softens.
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For the prior-year quarter, the carrier reported a EUR9mn loss.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The carrier reported cat price reductions of 5.4% at the January renewals.
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Julia Willberg joins from Hannover Re, where she has held several senior roles.
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Hannover Re’s CEO said the market had been disciplined.
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The reinsurer’s large losses tallied up to EUR1.3bn for the nine-month period to 30 September.
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He succeeds Christian Hermelingmeier, who is set to become Hannover Re’s new CFO.
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The outgoing CEO will leave the company at the end of March 2025.
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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.
