Ukraine war, high nat cat claims hit profits of major reinsurers

Analysts at Fitch Ratings Inc. said that profits of major European reinsurers Scor SE, Swiss Reinsurance Co. Ltd. and Hannover Re SE took a hit from large natural disaster claims and claims reserves hikes related to the Ukraine war in the first quarter of the year, U.K. Time News reported. The three reinsurers reported combined ratios close to or above 100%, while major reinsurer Munich Reinsurance Co. managed to report a combined ratio of 91.3%, thanks to its diversified property portfolio.