NU Online News Service, Aug. 10, 3:33 p.m. EDT
Higher than expected major losses in the 2010 first half led to a 28.3 percent decline in group net income for Hannover Re compared to the 2009 first half.
The Hannover, Germany-based reinsurer said group net income for the first half of 2010 was EUR311 million ($410.8 million at current exchange rate), compared to EUR434 million ($573.2 million) a year ago.
The company suffered EUR407.6 million ($538.4 million) in catastrophe losses from 12 events for the 2010 first half, with the two largest being the Chilean earthquake at EUR182.1 million ($240.5 million) and the Deepwater Horizon oil rig explosion at EUR88.9 million ($117.4 million).
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