Hannover Re

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.

Continental composite carriers aim to smooth volatility with new initiatives.

The former Hannover Re CEO said reinsurers must use alternative capital and tech.

The reinsurer’s new CEO said he sees no need for a radical shift in strategy.

The mid-year renewals point to mounting pressure on reinsurance pricing.

Plus, the latest people moves and all the top news of the week.

The Hannover Re CEO said rate adequacy remains “attractive” overall.

California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.

Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015.

Vincent Hermenier joined Hannover Re in 2004.

P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.

The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.

The reinsurer's group operating income fell by 14% to EUR480.5mn.

The business, which has ~EUR300mn of book value, is expected to launch a process.

Plus, the latest people moves and all the top news of the week.

Sources warned some property XoL books are already running 50% loss ratios.

Some of the Big Four are slowing growth as the market softens.

For the prior-year quarter, the carrier reported a EUR9mn loss.

The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.

The carrier reported cat price reductions of 5.4% at the January renewals.

Julia Willberg joins from Hannover Re, where she has held several senior roles.

Hannover Re’s CEO said the market had been disciplined.

He will leave the firm on 31 March.

The reinsurer’s large losses tallied up to EUR1.3bn for the nine-month period to 30 September.

He succeeds Christian Hermelingmeier, who is set to become Hannover Re’s new CFO.

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%.

The carrier’s EUR6bn structured reinsurance team is set to grow.

Plus the latest people moves and all the top news of the week.

Scor disclosed L&H troubles while Swiss Re continued reserving for US casualty.

Clemens Jungsthöfel said Hannover Re was sticking with its first-quarter approach.

German floods were the carrier’s largest H1 loss, at EUR120mn.

Combined ratios improved all around thanks to better pricing and a benign cat quarter.

After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.

At group level, Hannover Re's operating income grew by 15% to EUR558.1mn.

Stefan Sperlich will lead the new division as managing director.

Hard-won profitability has given carriers room to salt away reserves.

The reinsurer’s solvency ratio currently stands at 269%.

The recruit will run E+S Rück and part of European reinsurance.

The carrier has also recruited Swiss Re’s Thorsten Steinmann.

Opportunities for profitable growth remain in 2024, the agency said.

Being underweight US casualty gives the firm more room than peers to manoeuvre.

The carrier said a tax windfall and better profits made bolstering possible.

The carrier increased premium volume by 6.9% at 1 January.

The carrier faced "significant impact" from a P&C reserve charge on its earnings.

After HannoverRe announced a 2025 CEO transition, here is our last review on the company's successes and challenges ahead

The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.

The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.

Cat losses were within budgets despite high levels of minor events.

Hannover Re said it was in discussions with retro partners about buying less in 2024.

The firm’s insurance revenue result was pulled down by currency effects among other factors.

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.

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.

Chairman and CEO Jean-Jacques Henchoz sees affordability of insurance becoming a politicised issue, while discussions on preventive measures remain on the sidelines.

CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.

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.

Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.

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%.

The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.

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.

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.

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.

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.

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.

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.

The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.

The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.

The carrier has increased its retro capacity by 56% to EUR1.34bn.

The carrier said it achieved average risk-adjusted price increases of 30% on cat business.

Analysts expressed surprise at the “underwhelming” profit and RoE projections.

The carrier said GWP was up 12.7% to EUR33.3bn.

In a brief update, the (re)insurer said reinsurance revenue is expected to grow by at least 5% at constant exchange rates.

Exclusions and coverage changes absolutely make sense as a goal, but some wordings have thrown up additional risks.

The transaction is the first proportional deal for cyber risk in the capital markets.  

Cedants are grappling with rising rates while coverage narrows.

Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.

The carrier also offered assurances on the strength of its reserving to combat inflation.

The carrier booked a Hurricane Ian loss of EUR276mn.

The firm said inflation and modelling changes had driven the need for bigger limits.

Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.

This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.

In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.

The company’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.