Global reinsurer Hannover Re increased its natural catastrophe retrocession protections at the January 1st, 2025, reinsurance renewals by EUR 100 million to a little more than EUR 1.2 billion, with growth in the aggregate excess of loss and whole account excess of loss covers more than offsetting a reduced K-Cessions sidecar for the year.
This morning, Hannover Re provided an update on the outcome of its 1.1 2025 reinsurance renewals, during which the firm achieved premium growth of 7.6% in traditional property and casualty reinsurance, with an average inflation and risk-adjusted price decline of 2.1%.
At the renewals, the reinsurer increased its natural catastrophe retrocession in line with plan, with no change to the overall structure of the tower, although did reduce proportional cessions to 33% and increase its non-proportional protection.
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