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Hannover Re warns may miss profit target after hurricanes, Mexico quake
September 21, 2017 / 5:48 AM / a month ago

Hannover Re warns may miss profit target after hurricanes, Mexico quake

BERLIN, Sept 21 (Reuters) - German reinsurer Hannover Re warned on Thursday it may miss its target for a 2017 net profit of 1 billion euros ($1.19 billion) due to claims from a series of hurricanes and an earthquake in Mexico.

It said its budget for big natural disasters of 825 million euros would be able to absorb losses from Hurricanes Harvey and Irma, but that Hurricane Maria and an earthquake in Mexico would exceed that budget.

Dividend payment at the year-earlier level is still possible, it said.

$1 = 0.8418 euros Reporting by Maria Sheahan; Editing by Christian Schmollinger

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