NU Online News Service, Aug. 8, 3:07 p.m. EDT
Germany-based Hannover Re says net income as of June 30 was $312 million for, down nearly 30 percent from $443.5 million for the first half of 2010.
The reinsurer says it suffered $892.7 million in catastrophe losses during the first half of the year.
Losses during the second quarter were $75.7 million, of which $32.4 million was from U.S. tornadoes in May.
The nonlife combined ratio was 110.3 compared to 99.5 a year earlier.
In a statement, Hannover Re says gradual hardening of nonlife reinsurance markets observed at April renewals was sustained in the second quarter. June and July renewals “produced a broadly pleasing outcome, especially in property business,” says Hannover Re.
“It is our expectation that this tendency will continue in the second half of 2011, and for 2012 too we are looking to further positive movement in reinsurance premiums,” says Chief Executive Officer Ulrich Wallin, adding that Hannover Re market hardening is less in in areas spared by losses, and in casualty lines.
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