Hannover Re

The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.

Hannover Re’s P&C re unit reported Q2 operating profit of EUR466mn ($528mn) compared to a loss of EUR14.9mn last year, as the segment benefited from a significant reduction in large losses.

State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.

Casualty insurance head Bradley Knight will work alongside fellow deputy Barney Smythe.

Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.

The carrier expects rate increases on US and Australian accounts to be smaller than those at 1.1 and 1.4.

The carrier reported price increases at 1.1 of 5% across the board.

Hannover Re has emerged as an outlier by reducing its overall 2020 dividend, but its growth plans may alleviate disappointment about the policy.

The company reports a 41% increase in full-year premium at HDI Global Specialty to EUR2bn.

The carrier also said the Texas Big Freeze will be a "high double-digit million" loss.

Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.

The two European carriers are bullish after achieving the best overall rate increases since 2018 at 1 January.