Hannover Re
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The segment’s lustre has been dulled by losses and capital trapping. -
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”.
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The reinsurer exceeded its large-loss budget by $166mn.
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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.
