HANOVER/FRANKFURT (Reuters) – Reinsurer Hannover Re said it had increased its overall premium volume when renewing contracts with its insurance company customers at the start of the year, amid intense competition.

The world's third-biggest reinsurer said the premium volume of contracts renewed in January rose 1 percent to 3.82 billion euros ($5.23 billion), with prices rising in lines hit by damage claims in 2012.

Chief Executive Ulrich Wallin said in a statement the company's underwriting strategy had enabled the firm to achieve price levels at least on a par with the quality of 2012, even though the environment was considerably more competitive than in the previous year.

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