Hannover Re
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm. -
The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The bond will provide named storm and quake coverage in the US.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The bond will offer retrocession coverage for Hannover Re.
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The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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Sources warned some property XoL books are already running 50% loss ratios.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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The outgoing CEO will leave the company at the end of March 2025.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The losses were not passed through to the firm’s ILS business.
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Hannover Re's cyber bond pays on a parametric basis for each hour after an agreed waiting period.
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The event could unpack issues around accumulation risk and cloud services.
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The bond’s pricing for southern US storms landed at the upper bound of guidance.
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Cat bond deals placed last week amounted to $150mn of issuance.
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The bond has priced at the mid-point of guidance.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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The carrier experienced a benign Q1 for catastrophic loss activity.
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Large losses came to EUR52mn with low retro recoveries.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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Stefan Sperlich will lead the new unit as managing director.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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The issuer is seeking aggregate and per occurrence coverage.
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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In total nearly $139mn worth of bonds have been extended.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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The Class A notes priced at the midpoint of guidance and the Class B notes at the top end.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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Hannover Re’s Bermuda-based reinsurance transformer Kaith Re has issued a new $15mn private cat bond, a Bermuda Stock Exchange filing confirms.
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CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.
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The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The bond will provide cover for US named storm and earthquake events in all 50 US states.
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The bond will provide coverage for US named storms and earthquakes.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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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%.
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Cedants are grappling with rising rates while coverage narrows.
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Inigo earlier trimmed the bond’s scope of perils to exclude Japan typhoon and quake.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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The combined ratio for Hannover Re’s structured reinsurance and ILS fronting business came in just better than target at 98.2%.
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The firm said inflation and modelling changes had driven the need for bigger limits.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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The reinsurer’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.
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The reinsurer has placed layers of its mortality risk into the capital markets since 2013.
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The reinsurer so far has made no claims on its retro protections for war-related impacts.
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Major losses added 5.4 points to the combined ratio.
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Sharon Ooi joins Swiss Re’s executive board and will be based largely in Hong Kong.
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The segment’s lustre has been dulled by losses and capital trapping.
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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.
