Hannover Re
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The firm said inflation and modelling changes had driven the need for bigger limits. -
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”.
