Hannover Re Posts Loss, Cites Storm Damages

NU Online News Service, Nov. 11, 4:02 p.m. EST?The German reinsurance giant Hannover Re reported today that during the third quarter the company lost 20.4 million euros ($26.3 million), caused in large part by high losses from U.S. hurricanes and typhoons in the Pacific region.[@@]

In contrast, Hannover Re had reported net profit of 94.2 million euros ($121.7 million) during the year-earlier quarter. Hannover Re also saw its earnings figures drop for the first nine months of 2004, when compared on a year-over-year basis. The company's first-nine-months profit for this year was 191.1 million euros ($246.8 million), lower than 256.6 million euros ($331.4 million) reported during the same period in 2003.

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