Profit of Hannover Re's property/casualty business falls 12%Reprints
Germany-based reinsurer Hannover Re S.E.'s property/casualty business profits declined nearly 12% to more than €837 million ($1 billion) in 2017 from nearly €950 million in 2016, Artemis.bm reports. The reinsurer's group profit totaled €959 million despite catastrophe losses and competitive pressure from the capital markets. The reinsurer recorded €749.4 million in losses for hurricanes Harvey, Irma and Maria and more than €101 million for the California wildfires.