Hannover Re
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The reinsurer exceeded its large-loss budget by $166mn. -
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.
