Magazine date:
Mar 2014 Hannover Re, which has renewed two-thirds of its non-life portfolio on January 1, 2014, reported a premium volume of 3.83 billion EUR (5.2 billion USD) so far, a figure down by 2% compared to 2013. According to the German reinsurer, renewal terms remained broadly unchanged.
Ulrich Wallin, Hannover Re’s CEO, said that his group did not hesitate to terminate the business which fell short of meeting the minimum tariff. Munich Re and SCOR have respectively posted renewal growth of 2.7% and 5%. Despite this decline in premium volume, Hannover Re maintains its estimated net profit of 850 million EUR (1.17 billion USD) for 2014.