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Hannover Re stands by 2013 outlook despite profit fall

Agence France-PresseMay 7, 2013 05:30
Hannover Re, the world's third-biggest reinsurer, said on Tuesday it was holding to its full-year forecasts for 2013 even though its bottom-line net profit fell in the first three months. "Based on the good start to the current financial year and the prevailing market climate, Hannover Re is looking to a successful 2013 financial year," the reinsurance giant said in a statement. "We anticipates group net income for the full year in the order of 800 million euros ($1.04 billion).

Munich Re Q1 profits up, sticks to full-year targets

Agence France-PresseMay 7, 2013 02:45
Munich Re, the world's biggest reinsurer, said Tuesday it is standing by its full-year targets for the current year after the first three months "went very well." "The first three months of 2013 went very well for Munich Re group-wide," the reinsurer said in a statement. It posted net profit of 979 million euros ($1.3 billion) in the period from January to March, an increase of 25.2 percent year-on-year. Chief financial officer Joerg Schneider attributed the improvement to "lower claims burdens from major losses, but group operating earnings also proved to be robust.

Munich Re says 'good start' to 2013, sticks to targets

Agence France-PresseApril 26, 2013 03:15
Munich Re, the world's biggest reinsurer, said Friday it is standing by its full-year targets for the current year after getting off to a "good start" in the first three months. "We have made a good start to the current year," chief executive Nikolaus von Bomhard said in a statement. "Following the good result for the first quarter, we are confident of being able to achieve our profit target. We are aiming for a consolidated result of close to 3.0 billion euros" ($3.9 billion), von Bomhard said.

RGA, Scor in final race for Generali U.S. unit - sources

April 11, 2013 09:15
By Sophie Sassard and Jessica Toonkel LONDON/NEW YORK (Reuters) - Reinsurance Group of America <RGA.N> and French rival Scor <SCOR.PA> are competing to acquire Generali USA in a deal worth up to $1 billion (649 million pounds), five sources with knowledge of the matter said on Thursday. Generali <GASI.MI> has selected the two bidders among a large number for its U.S. life reinsurance unit and is hoping to close a deal in May, said the sources who asked not to be named because the talks are private.

Swiss Re to take $610 mln and end dispute with Buffett

March 28, 2013 04:30
Swiss Re, one of the world's biggest reinsurance groups, on Thursday said it had settled a dispute with billionaire Warren Buffett's Berkshire Hathaway over a 2010 insurance policies deal, and would accept a settlement of $610 million from the US company. Swiss Re said in a statement it had agreed to take back some of the risks covered by a reinsurance contract with Berkshire Hathaway. The total protection provided by the US firm to Swiss Re will be reduced from $1.5 billion to $1.05 billion, it added.

URGENT ¥¥¥ Swiss Re to accept $610 mln to end dispute with Warren Buffett

March 28, 2013 03:46
Swiss Re, one of the world's biggest insurers, on Thursday said it had settled a dispute with billionaire Warren Buffett's Berkshire Hathaway over a 2010 life retrocession deal, and would accept a settlement of $610 million from the US company. Swiss Re said in a statement it had agreed to take back some of the risks covered by the reinsurance contract with Berkshire Hathaway. The total protection provided by the US firm to Swiss Re will be reduced from $1.5 billion to $1.05 billion, it added. fga/lgo/mfp SWISS RE AG BERKSHIRE HATHAWAY

Swiss Re posts 61% profit rise in 2012

February 21, 2013 08:03
Switzerland-based insurer Swiss Re said on Thursday that its net profit rose by 61 percent in 2012 to $4.2 billion (3.2 billion euros), outpacing market forecasts, despite the impact of Hurricane Sandy. "In dollars, these are the highest results ever reported by the group," Swiss Re's chief financial officer, George Quinn, told reporters. The figures were driven by a 15-percent increase in premium revenues, which reached $25.4 billion, as well improved profitability in its damage insurance business, Swiss Re said.

Swiss Re posts 61% profit rise in 2012

February 21, 2013 06:15
Switzerland-based insurer Swiss Re said on Thursday that its net profit rose by 61 percent in 2012, hitting $4.2 billion (3.2 billion euros), a performance that outpaced market forecasts. The figures were driven by a 15-percent increase in premium revenues, which reached $25.4 billion, as well improved profitability in its damage insurance business, Swiss Re said. Analysts polled by Swiss financial newswire AWP had predicted net profit of $3.5 billion, and premiums of $24.6 billion.

Hannover Re stands by 2013 forecasts

February 4, 2013 04:45
Hannover Re, the world's third-biggest reinsurer, said Monday it is sticking to its full-year forecasts for 2013 despite a "considerably more competitive environment." "In view of the satisfactory outcome of the treaty renewals on January 1, Hannover Re anticipates a good financial year in non-life reinsurance," the group said in a statement. "All in all, the prospects on the underwriting side should be roughly comparable with those of 2012," it said.
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