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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May. -
The executive will take the global role alongside his existing US responsibilities.
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TMK formed its specialty reinsurance unit last year.
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The underwriter joined Catlin in 2006.
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Vincent Hermenier joined Hannover Re in 2004.
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As with 2024, pricing pressure has been most acute on top layers.
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The reinsurer reported EUR2.1bn GWP for the year.
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The company’s parent MS&AD reported group profit of 691bn yen for the year.
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The carrier benefited from top-line growth and lower adverse PYD.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.
