Hannover Re
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Stefan Sperlich will lead the new unit as managing director.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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The issuer is seeking aggregate and per occurrence coverage.
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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In total nearly $139mn worth of bonds have been extended.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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The Class A notes priced at the midpoint of guidance and the Class B notes at the top end.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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Hannover Re’s Bermuda-based reinsurance transformer Kaith Re has issued a new $15mn private cat bond, a Bermuda Stock Exchange filing confirms.
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CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.
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The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The bond will provide cover for US named storm and earthquake events in all 50 US states.
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The bond will provide coverage for US named storms and earthquakes.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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Net large losses included impacts from the New Zealand flooding, the Turkey earthquake and cyclone Gabrielle.
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The executive leads a fronting reinsurer which has been a major enabler of ILS market growth.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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The bonds replace last year’s issuance and are bigger by 35%.
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Cedants are grappling with rising rates while coverage narrows.
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Inigo earlier trimmed the bond’s scope of perils to exclude Japan typhoon and quake.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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The combined ratio for Hannover Re’s structured reinsurance and ILS fronting business came in just better than target at 98.2%.
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The firm said inflation and modelling changes had driven the need for bigger limits.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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The reinsurer’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.
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The reinsurer has placed layers of its mortality risk into the capital markets since 2013.
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The reinsurer so far has made no claims on its retro protections for war-related impacts.
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Major losses added 5.4 points to the combined ratio.
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Sharon Ooi joins Swiss Re’s executive board and will be based largely in Hong Kong.
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The segment’s lustre has been dulled by losses and capital trapping.
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The issuance will be fronted by Hannover Re with an initial attachment level of $2.2bn.
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The reinsurer revealed its Ukraine loss charge excludes aviation.
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The reinsurer said Q1 large loss events included Oz floods, European storms and a sunken ship.
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It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
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The reinsurer exceeded its large-loss budget by $166mn.
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The reinsurer said it was anticipating increased volume for catastrophe bonds and collateralised reinsurance this year.
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Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
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The carrier’s whole-account XoL retro also shrank by a similar margin.
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The carrier expanded premium by 8.3% at the January renewal.
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The move comes amid limited availability of annual aggregate cover.
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The target spread has gone up 4% on the high-risk aggregate deal.
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The catastrophe bond will take the firm’s cover to $250mn.
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HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
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Hannover Re has ceded more than twice the level of large catastrophe losses to reinsurance and retro partners in the first nine months of 2021 as it did in 2020, as it retained only around a third of its Bernd flood claims on a net basis.
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The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The reinsurer aims to become carbon-neutral in operations by 2030, whilst its reinsurance target date is 2050.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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The carrier could not yet discern whether Q3 flooding losses will hit the $2.4bn programme, however.
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Executive board chairman Jean-Jacques Henchoz said earnings for H1 were up to pre-pandemic levels.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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The reinsurer recovered 24% of its gross major losses from retro partners.
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The carrier last year said its K sidecar would pick up Covid claims over time.
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The carrier also said the Texas Big Freeze will be a "high double-digit million" loss.
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The reinsurer’s ceded major losses were down 2% year-on-year, despite its net retained cat losses spiking by two-thirds to EUR1.6bn.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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Across its three core retro deals, the carrier renewed EUR1.17bn, down 3% from EUR1.21bn in 2020.
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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn.
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