Hannover Re says still on track for €800m profit
German reinsurer Hannover Re said yesterday that its net loss as a result of the European floods might exceed €100m ($133m), but should remain significantly below €200m. The company said that, given the lack of major losses in the first half of the year, “the major loss budget for the first half-year will probably not be fully utilized”. Hannover Re noted that the tornado damage in Oklahoma in May had a €30m net impact. As such, the reinsurer said that it could reaffirm its income guidance of about €800m for the full year, and that the entire major loss budget for the second half of the year remained available.