Hannover Re
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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. -
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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The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.
