Hannover Re
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis. -
Net large losses included impacts from the New Zealand flooding, the Turkey earthquake and cyclone Gabrielle.
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The executive leads a fronting reinsurer which has been a major enabler of ILS market growth.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
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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%.
