Hannover Re posted a 2005 fourth quarter loss of $15.2 million compared to a profit of $105.4 million in the period for the previous year as Hurricane Wilma took a bottom line toll.
But the reinsurer reported a profit of $59 million for the full year compared to $334 million in 2004.
The company said that exposure to Hurricanes Katrina, Wilma and Rita totaled $965 million.
Chief executive officer Wilhelm Zeller said the company's diversity helped stem a larger loss. "The fact we were able to close this year without a depletion of capital – unlike most of our competitors — is a testament to our strong profitability and good portfolio diversification," he said.
The company reported a policyholders' surplus increase of 10.1 percent and a full combined ratio of 112.8.
Gross premium income generated by the Hannover Re Group grew 1.1 percent to 9.7 billion euros ($1.2 billion). Net premium earned climbed somewhat more strongly to 2.2 percent.
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