Hannover Re: January Renewal Rates Were "Broadly Stable"

Hannover Re AG (HNR1.XE), one of the five largest reinsurers worldwide, Wednesday gave a cautiously optimistic outlook for business this year, saying it was able to push for "broadly stable" rates on average in reinsurance contracts that came up for renewal in January, faring better than some competitors.

"Despite softening tendencies in the market, we achieved broadly stable rates and conditions and are therefore thoroughly satisfied with the outcome," said Chief Executive Ulrich Wallin. "In certain segments, such as offshore energy business and European motor liability, we were even able to push through price increases," Wallin said.

Hannover Re is the first among the largest reinsurers to provide guidance on business development at the first crucial date when contracts with the sector's customers, the primary insurers, are renewed.

Munich Re AG (MUV2.XE), the world's largest reinsurer by gross premium income, will give an outlook on its own contract renewals Thursday, along with a small set of preliminary figures for the fourth quarter and the full year. France's Scor SE (SCR.FR) will follow Feb. 10.

Traditionally, reinsurance policies for Europe and some parts of Asia are renewed Jan. 1.

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com

(Ruediger Schoss contributed to this article.)

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