Hannover Re updates on 1 January renewal season

Hannover Re, the world’s third largest reinsurance group, and parent of Argenta Holdings, has today provided data relating to its performance during the recent reinsurance renewal season. This data mainly relates to the group’s property and casualty reinsurance portfolio. Renewals at 1 January represent a little under 60% of the overall portfolio.   The renewal period was notable for the relative absence of new capital inflows, although retained earnings of incumbent reinsurers increased supply of capital ahead of the increase in demand for reinsurance driven by growth in exposure and inflation. This led to a small reduction in overall pricing. Hannover Re estimates this price reduction at 2.1% for its book. The group remains happy with the overall level of pricing for exposures. Guidance for the full 2025 year combined ratio, on an IFRS 17 discounted basis, continues to be under 88% for the company’s property and casualty book.

While there are obviously differences between an international reinsurance group’s portfolio, which has a large element of proportional reinsurance, and those in the Lloyd’s market, where treaty business is more often on a non-proportional basis, this information provides useful context ahead of the reporting season for Lloyd’s syndicates and businesses which will begin at the end of this month.

Hannover Re will report its result to for the year ended 31 December 2024 on 13 March 2025. The analysts’ presentation slides are available here