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Hannover Re rose the most in more than two years after saying it will pay a special dividend and fourth-quarter profit climbed more than analysts estimated.

Pension and hedge funds flush with cash and hungry for yield are creating a market for reinsurers willing to look past the price cuts these investors have inflicted on traditional catastrophe coverage.

Hannover Re said second-quarter profit rose 10%, helped by a lower level of large claims and higher life reinsurance earnings.

Hannover Re expects to face claims totaling around $42.6 million from the apparent loss of a Malaysia Airlines' jet over the weekend, the reinsurer's chief executive said on Tuesday.

Germany's Hannover Re stuck by its aim of earning around $1.15 billion in net profit this year after securing acceptable margins on reinsurance contracts it renewed with insurance companies in January.

German reinsurer Hannover Re is braced for falling premiums next year which could dampen business prospects.

German reinsurer Hannover Re said it targeted net profit of around $1.2 billion in 2014, more than its expected target for this year, due in part to rising premiums.

Hannover Re posted a better than expected 30 percent rise in second quarter net profit, helped by a strong performance in reinsurance on cars and homes.