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German reinsurer Hannover Re SE expanded its natural catastrophe retrocession program by over 55% year-on-year to €1.34 billion ($1.44 billion) for 2023 at January renewals, as premium volume increased by around 30%, Artemis reported. The reinsurer increased its flagship K-Cessions quota share sidecar facility by almost 85% year-on-year to $831 million.