Hannover Re

Hannover Re warns ultimate Russia-Ukraine losses won’t be clear until war is over

Hannover Re became the first of Europe’s big four reinsurers to post first-quarter results yesterday, with a combination of larger-than-expected major losses and reserving for Russia-Ukraine causing non-life earnings to miss consensus.

Hannover Re P&C posts 99.5% CR in Q1 and books ~€143mn of Russia-Ukraine reserves

Hannover Re saw its P&C reinsurance underwriting result slip during the first quarter as major losses exceeded budget, with the division booking a net underwriting result of €26.2mn ($27.6mn), down 82 percent on the prior-year period.

Jefferies: Munich Re set for €500mn of Russia-Ukraine losses

Munich Re will likely face claims of around €500mn ($546mn) related to the Russia-Ukraine conflict but the impact will most likely be booked in the second quarter of this year, according to Jefferies analyst Philip Kett.

Hannover Re pauses Russia underwriting and warns of coverage uncertainty

Hannover Re has paused the underwriting of new risks and the renewal of existing contracts in Russia, the reinsurer’s CEO Jean-Jacques Henchoz revealed in the group’s annual results analysts’ conference call.

Hannover Re misses consensus with 97.1% Q4 combined ratio

Hannover Re this morning reported a fourth-quarter combined ratio of 97.1 percent, an improvement of 5 percentage points on the same period of 2020.

Hannover Re forecasts ILS market volume will top $100bn in 2022

Hannover Re has forecast the ILS market will achieve record volume of more than $100bn in 2022 with an increased market volume for both catastrophe bonds and collateralised reinsurance.

Retro paths diverge as European reinsurers tackle volatility challenge

While only two of Europe’s big four reinsurers – Hannover Re and Scor – have to date provided guidance as to the outcomes of their dealings at 1 January, the companies have shown notable differences in their strategies to address earnings volatility amid surging retrocession costs.

Talanx net income exceeds €1bn for first time as 2021 results beat target

Talanx ended 2021 with a 50 percent increase in group net income to €1.01bn ($1.15bn), the first time in its history that the German (re)insurance group’s result has exceeded €1bn and a figure that comfortably beat its full year target.

Hannover Re scales back retro protection at “challenging” renewal

Hannover Re’s retro program contracted by more than €340mn ($384mn) at 1 January with the reinsurer citing “challenging” buying conditions as capacity tightened and retro rates pushed higher at renewal.

Hannover Re posts FY net income of €1.23bn as 1.1 rate momentum slows to 4.1%

German reinsurance giant Hannover Re has reported net income of €1.23bn ($1.39bn) in its preliminary figures for 2021 – up from €883mn in 2020 – with risk-adjusted price increases of 4.1 percent at 1 January driven by rate rises in Europe as well as for catastrophe and cyber covers.

Global reinsurers lead Euro sell-off as (re)insurance stocks tumble

Shares in Hannover Re, Munich Re, Scor and Swiss Re fell over 3 percent this morning driven by renewed investor fears over the economic recovery amid a surge in Covid-19 hospitalisations.

Hannover Re sells minority stake in HDI Global Specialty to HDI Global

Hannover Re is selling its 49.8 percent stake in the joint venture HDI Global Specialty SE to majority shareholder HDI Global SE in a move the carrier said underscores its strategic positioning as a pure reinsurer.

Hannover Re: FY target still achievable as retro softens 3Q heavy cat load

A strong investment result helped Hannover Re generate earnings per share (EPS) of €1.54 in the third quarter of 2021, ahead of analyst consensus of €1.25.

Hannover Re’s Pickel: Flat 1.1 renewals in Germany “completely off the table”

German property treaty portfolios are not expected to renew with less than double-digit increases at 1 January, with cedants hit by losses from the Bernd flooding told to expect rate rises of over 20 percent, Hannover Re’s Michael Pickel has said.

E+S Rück expects “markedly” higher pricing at 1.1 following 2021 losses

Hannover Re’s German subsidiary E+S Rück has said it anticipates higher prices at renewal following this summer’s flood losses, adding that the event will likely prompt many insurers to expand their reinsurance coverage.

Hannover Re forecasts ~7% GWP growth through 2026

Hannover Re has told investors it expects to grow gross written premiums by ~7 percent per annum in the medium term, with the expansion expected to be driven by the Americas and Asia Pacific region.

Scor- and Hannover-reinsured Hedvig raises $45mn in Series B funding

Hedvig has closed a $45mn Series B funding round led by Anthemis, which follows the Swedish insurtech transitioning from an MGA to a full stack carrier earlier this year and securing partnerships with Scor and Hannover Re.

Former Talanx CEO Baumgartl passes away at 78

Talanx Group’s former long-serving chairman and CEO Wolf-Dieter Baumgartl has passed away at the age of 78, the German (re)insurance group has announced.

Hannover Re says rate increases “unavoidable” at 1.1

Hannover Re has said it anticipates continued reinsurance price increases and improvements in market conditions during 2022 renewals.

Hannover Re’s Henchoz: Treaty reinsurance presents problems for ESG-led underwriting

While good progress has been made on the facultative side of the business when it comes to incorporating ESG-led principles into underwriting strategies, treaty arrangements are the “big challenge”, according to Hannover Re CEO Jean-Jacques Henchoz.

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