Hannover Re still in profit despite huge Q3 reserves
German reinsurer Hannover Re posted third quarter net income down 67.6% to €61.9m after facing up to net expenditure on major losses of €781.4m in the third quarter. The results were buoyed by a strong showing in the Life and Health books.
The reinsurer unveiled an estimated breakdown of €310m for Hurricane Katrina (up from the previously announced €250m), €150m for Rita and said it expected to take a €150m hit from Wilma in the fourthOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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