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Hannover Re's Kyrill losses up to $232.5 million

Posted On: Jan. 29, 2007 12:00 AM CST

HANOVER, Germany—Hannover Re Group said its net losses from Winter Storm Kyrill are likely be between €120 million ($155 million) and €180 million ($232.5 million) before tax.

The Hanover, Germany-based reinsurer said that insured losses from the storm, which hit Northern Europe earlier this month, would be between €4 billion ($5 billion) and €7 billion ($9 billion).

Hannover Re said the bulk of its losses would come from Germany, and that the losses would be alleviated by its "K5" risk securitization deal.