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HANOVER, GermanyHannover 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.