Hannover Re
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022. -
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%.
