NU Online News Service, Aug. 8, 3:07 p.m.EDT

Germany-based Hannover Re says net income as of June 30 was $312million for, down nearly 30 percent from $443.5 million for thefirst half of 2010.

The reinsurer says it suffered $892.7 million in catastrophelosses 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 yearearlier.

In a statement, Hannover Re says gradual hardening of nonlifereinsurance markets observed at April renewals was sustained in thesecond quarter. June and July renewals “produced a broadly pleasingoutcome, especially in property business,” says Hannover Re.

“It is our expectation that this tendency will continue in thesecond half of 2011, and for 2012 too we are looking to furtherpositive movement in reinsurance premiums,” says Chief ExecutiveOfficer Ulrich Wallin, adding that Hannover Re market hardening isless in in areas spared by losses, and in casualty lines.