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The Hannover Re CEO said rate adequacy remains “attractive” overall. -
California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.
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The repricing on the broker’s $3.1bn term loan will save an estimated $8mn per year.
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A number of staff will be leaving the D&O team as a result of the restructuring.
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He joins from MS Amlin, where he was lead underwriter for US casualty.
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Both organisations still predict an above-average hurricane season.
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Tom Hester joined the broker in 2018 as SVP.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The reinsurer chair said the frequency of losses today “will prevent prices from slipping too much.
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The P&C re segment’s combined ratio improved by 12.7 points to 61.0%.
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The company bolstered casualty reserves by $18mn, mostly from discontinued lines.
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The carrier reported an increase of 82% in pre-tax income.
