Reinsurance News
Hannover Re
Hannover Re is one of the largest reinsurance companies in the world. Hannover Re transacts all lines of property and casualty and life and health reinsurance, operating globally and providing meaningful limit to its clients.
Hannover Re was founded in 1966 and went public in 1994 and operates a worldwide network of subsidiaries, branches and representative offices underwriting business such as facultative, direct and catastrophe XoL reinsurance business in the P&C market, as well as life, health, annuity and personal accident reinsurance business.
Read all our Hannover Re reinsurance news below.
Hannover Re CEO expects further earnings growth following robust recent performance
7th May 2024
Hannover Re CEO Jean-Jacques Henchoz anticipates further earnings growth following a string of successful financial years in the firm's most recent strategy cycle. During Hannover Re's Annual General Meeting, Henchoz underlined the firm's reliability, noting how it delivered on promises from 2021 to 2023 in the face of numerous challenges. The firm ... Read the full article
Hannover Re & Parametrix launch world’s first cloud outage catastrophe bond
15th April 2024
Large European reinsurer Hannover Re has, in collaboration with Parametrix, issued the world's first cloud outage catastrophe bond, a $13.75 million privately placed transaction called Cumulus Re. Issued via Hannover Re's wholly owned Bermuda domiciled subsidiary, Kaith Re Ltd., the parametric cat bonds provide the reinsurer with incremental retrocession coverage against ... Read the full article
Europe’s big four reinsurers well placed for a strong 2024: Fitch
2nd April 2024
Large European reinsurers posted very strong financial results for 2023, enabling them to bolster reserves and balance sheets and this will support ratings in 2024, according to analysis by Fitch Ratings. The ratings agency feels that Europe's big four reinsurers, Munich Re, Swiss Re, Hannover Re, and SCOR are well placed ... Read the full article
Europe’s big four reinsurers doubled combined earnings in 2023, says Moody’s
27th March 2024
Analysts at Moody’s Investors Service report that the four largest European reinsurers—Munich Re, Swiss Re, Hannover Re, and SCOR — achieved a combined earning of €10.2 billion in 2023, more than double their earnings in 2022, attributed to higher prices and improved investment returns. Moody’s report underscores that all four companies ... Read the full article
Hannover Re creates new specialty reinsurance business unit
26th March 2024
Global reinsurer Hannover Re has announced it will combine its global business in the areas of cyber and digital, creating a new specialty reinsurance business unit, effective from the 1st of April 2024. According to Hannover Re, the new business unit will further enhance its position as "a trusted business partner" ... Read the full article
Hannover Re entering 2024 with stronger balance sheet as it targets net income of at least €2.1bn
18th March 2024
Speaking during Hannover Re's earnings call for the 2023 financial year earlier today, Jean-Jacques Henchoz, the company's chief executive officer (CEO), confirmed that the company is aiming to deliver a group net income of at least €2.1 billion in 2024. He did note however, that this net income expectation is under ... Read the full article
Hannover Re adds Swiss Re’s Steinmann to Executive Board to succeed Pickel
18th March 2024
The Supervisory Boards of Hannover Rück SE and E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group's German business, have appointed Thorsten Steinmann as a member of the Executive Board, effective 1st September 2024. Steinmann succeeds Michael Pickel who will retire on 31st December 2024 after 25 years at ... Read the full article
Hannover Re’s 2023 net income improves as reinsurance revenue climbs to €24.5bn
18th March 2024
Hannover Re has disclosed that it generated net income of €1.8 billion for the 2023 financial year, up from €800 million in 2022 and beating its guidance of at least €1.7 billion. As a result of this, the firm's earnings per share reached €15.13, up from €6.47 in 2022. Hannover Re explained ... Read the full article
FEMA secures a further $575m of flood reinsurance for NFIP
11th March 2024
The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered into the agreements with its transformer reinsurer, Hannover Re (Ireland) Designated ... Read the full article
European reinsurers’ 1/1 renewals outcome suggests underwriting margins close to peaking: Fitch
29th February 2024
Analysis by Fitch Ratings on the outcome of the key January 1st, 2024, renewals for European reinsurers claims that underwriting margins are close to peaking as supply and demand exhibits greater equilibrium. Earlier this year, Fitch warned that reinsurers’ underwriting margins are likely to peak in 2024, as the rating ... Read the full article
April and July renewal enviroment will be “broadly similar” to 1/1: Hannover Re
7th February 2024
According to executives at large European reinsurer Hannover Re, the current market environment is anticipated to prevail at the upcoming April and mid-year renewals. As reported earlier, the German reinsurer achieved an inflation and risk-adjusted price increase on renewed business of 2.3% at the 1/1 2024 treaty renewals in traditional ... Read the full article
Hannover Re grows book by 6.9% at Jan 1 P&C reinsurance renewals
7th February 2024
German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 2.3% in the 1 January 2024 treaty renewals in traditional property and casualty (P&C) reinsurance. Hannover Re suggests that the market environment for the renewals proved to be more stable than in ... Read the full article
Hannover Re: 2023 operating result hit by “significantly higher” Q4 reserving
6th February 2024
Global reinsurance firm Hannover Re has warned that when it reports its full-year 2023 results, its operating result for the year will be impacted by a resiliency reserve that has been set "significantly higher" than forecast in the fourth-quarter. Hannover Re sets a property and casualty reinsurance resiliency reserve to balance ... Read the full article
Somerset Re appoints Hannover Re’s Thomas Porter as CUO
1st February 2024
Somerset Reinsurance, a provider of reinsurance solutions for life insurance and annuity business, has hired Thomas Porter as Chief Underwriting Officer. In the role, Porter will be based in Bermuda, and he will report to Jeff Burt, Chairman and Chief Executive Officer of Somerset. Porter joins the firm from Hannover Re, where ... Read the full article
Hannover Re names Olaf Brock as MD of Hannover ReTakaful and Bahrain Branch
25th January 2024
Hannover Re appointed Olaf Brock as Managing Director of Hannover ReTakaful and the Bahrain Branch in Manama, effective January 1, 2024. Brock, most recently in the role of Managing Director Group Finance at Hannover Re, began his tenure with the company in 1999 as Vice President Group Auditing. Over the years, he ... Read the full article
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