Hannover Rueck SE (HNRGn.DE)
17 Nov 2017
FRANKFURT, Nov 8 Hannover Re reported a 31 percent drop in its third-quarter net profit on Wednesday as natural catastrophes in North America took their toll.
* CFO says he doesn't expect that catastrophes in the fourth quarter, like the fires in California, to exceed the company's budget of 200 million euros. Further company coverage:
FRANKFURT, Nov 8 Hannover Re said on Wednesday that third-quarter net profit fell 31 percent from a year earlier as a spate of natural catastrophes in North America took their toll.
MUNICH/FRANKFURT Britain's Resolution Group, Swiss Re and private equity firm Cinven [CINV.UL] have expressed an interest in acquiring two large German life insurance portfolios owned by Ergo and Generali , sources familiar with the matter said on Monday.
* Cinven willing to inject further capital into Viridium - sources
* CEO sees flat EPS in 2017, more than 10 pct rise in 2018 (Recasts with price expectations, background)
* CEO says wants to return to 2015 premium level in U.S. cat cover
MUNICH, Oct 19 Hannover RE does not expect its earnings per share (EPS) to increase in 2017 due to payouts related to damage done by hurricanes which hit the United States in recent weeks.
Losses from Hurricane Maria and other recent 2017 natural catastrophes, including Hurricanes Irma and Harvey, the Mexico City earthquakes and other events, have led global insurers and reinsurers to issue profit warnings.
* Willis Towers Watson acting as a sellside adviser - sources (Adds detail, background)