Hannover Re
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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. -
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.
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The new limit amounts to roughly half the Seaside Re bonds placed last year.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
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Hannover Re's K sidecar includes exposure to the aviation market, but overall ILS participation in such risks is limited.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
