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Hannover Reinsurance Boss Overview Russia’s Underwriting Status

According to Hannover Reinsurance Chief Executive Officer Jean-Jacques Henchos (pictured), underwriting of new risks and contract renewals for Russian policyholders is currently banned.

In the reinsurance company’s earnings announcement on March 10, Henchos reportedly stated that, as shown in the records issued by Seeking Alpha: Group exposures on premiums and assets in the affected area are not important, but today it is too early to fully assess the potential impact in detail.

“There are many uncertainties about the impact of sanctions, restrictions on international payments, and post-war order. All of this can affect insurance coverage in some way.”

“Underwriting new risks or renewing contracts with Russian customers is currently pending,” said the CEO. “The same is true for Belarus, but we don’t do business in that country.”

Board member Sven Altov added that the level of information at this point is not very detailed from the normal process by which Hannover Reinsurance looks at underwriting information.

“We need to build all of this together with the ceding company,” Altov explained. “And that creates a great deal of uncertainty, and much of these reports show what Russia looks like in the post-war regime, and what Russia is doing in other parts of the world, such as trade sanctions. It depends a lot on whether it brings understanding. “

On Thursday, Hannover Reinsurance increased Group Net Income for Fiscal Year 2021 by 39% to 1.2 billion, despite “significant” losses in both property and casualties and life and health reinsurance. Reported that it was 30 million euros. Meanwhile, a dividend of € 5.75 per share will be proposed at the company’s annual shareholders meeting.

Hannover Reinsurance Boss Overview Russia’s Underwriting Status

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