May 10, 2017 / 12:00 PM / 4 months ago

Hannover Re CEO plays down Brexit impact on its business

HANOVER, Germany, May 10 (Reuters) - Hannover Re, the world’s third-largest reinsurer, does not expect Britain’s departure from the European Union to have a dramatic impact on its reinsurance business.

“We expect that even with a hard Brexit we will still be able to underwrite our British business,” Chief Executive Officer Ulrich Wallin said on Wednesday at the company’s annual general meeting.

“We expect that Brexit will have no substantial influence on the demand for reinsurance from primary insurance companies.”

The German reinsurer operates a branch in Britain where it underwrites property, casualty, life and health reinsurance.

Wallin said there was a chance in the event of a hard Brexit, in which Britain loses full access to the EU common market, that Hannover Re would have to capitalise its office in Britain, just as it has done in Canada and Australia.

Hannover Re is the world’s third-largest reinsurer after Munich Re and Swiss Re. (Reporting by Tom Sims; editing by David Clarke)

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