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Swiss Re AG, the worlds biggest reinsurer, reported lower first-quarter profit as the company bulked up its reserves and pricing in the industry remained under pressure.

Hannover Re, the worlds fourth-largest reinsurer, may increase the proportion of profit distributed to shareholders after full-year earnings increased by 17%.

Swiss Re AG named Christian Mumenthaler, a 17-year veteran of the company who heads the main reinsurance unit, as chief executive officer effective July 1.

Munich Re, the worlds second-largest reinsurer, rose the most since November 2011 after announcing a dividend that beat expectations.

Reinsurance companies have been struggling to keep their pricing power in a multi-year price decline driven by an over-supply of reinsurance capacity and weaker demand from insurers.

Swiss Re AG booked $250 million in losses from the August chemical warehouse explosions in the Chinese city of Tianjin, its biggest payout in a quarter that saw profit rise 13 percent.

The worlds largest reinsurers and brokers see little relief in pricing in 2016 amid a relentless influx of alternative capital from pension funds and one of the past decades quietest years for catastrophe losses.

Munich Re will continue buying back shares as declining prices and lower investment income undermine earnings.