Results
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The carrier is confident of “clearly exceeding” its group net-income forecast of EUR1.7bn for the year. -
Property and specialty led the carrier’s expansion, with growth in casualty more modest.
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Premium income was down due to lower volume in financial lines and alternative risk transfer.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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At group level, Hannover Re's operating income grew by 15% to EUR558.1mn.
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Along with D&F, Fidelis is looking to grow in marine construction and aviation.
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The carrier said nat-cat claims were running in line with plan assumptions.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company’s results come less than two months after announcing its Lloyd’s syndicate.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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The bridge collapse added 9.8 points to the consolidated quarterly CoR.
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