Solvency II driving demand for reinsurance

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The main beneficiaries are likely to be the financially strongest reinsurers in the European Union and any other country whose regulatory regime is deemed fully equivalent to Solvency II, the ratings agency said. Fitch noted that Hannover Re's latest financial update showed that its structured reinsurance business, which can help insurers optimise capital, grew by two-thirds in the January renewals period. Fitch said: "This rate of growth probably reflects the timing of some large deals, but we