Reinsurance
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As with 2024, pricing pressure has been most acute on top layers. -
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.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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Competition is high in specialty reinsurance as new capacity enters the market.
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Specialty reinsurance has experienced high competition for talent.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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Renewable retrospective solutions were a key point during the discussion.
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