Hannover Rueckversicherung AG (HVRRY.PK) stated that based on a detailed analysis of its non-life reinsurance portfolio, it expects losses of 261 million euros from Hurricane Sandy. Loss-triggered treaty conditions generate further net premiums of 23.5 million euros, thus reducing the strain to 237.5 million euros.
Chief Executive Officer, Ulrich Wallin, said, “This loss expenditure leaves us comfortably within our major loss budget for the financial year just ended”.
The Group said its expectation of generating net income in excess of 800 million euros for 2012 remains unaffected by the Sandy loss.
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by RTT Staff Writer
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