Growing US demand not met by home reinsurers
Hannover Re (HNRGn.DE), the world's fourth-biggest reinsurer, wants to up its non-life insurance market share in the US to between 10% and 12% in the medium term, its chief executive was quoted as saying.
"We are making a real quantum-leap in the American market," Chief Executive Wilhelm Zeller told German newspaper Frankfurter Allgemeine Sonntagszeitung on Sunday.
"Currently our traditional non-life insurance market share there is only about 1%. In the medium term we are aiming for 10-12%," he said.
Zeller said he could not rule out a full-year 2008 loss for Hannover Re, whose net income was in the red after the first nine months, but that the company's earnings expectations were upbeat.
The US insurance industry's demand for reinsurance has risen after $80 billion in capital losses, while the supply side remains unchanged, he said.
"Many primary insurers have lost capital and hence have a higher need of reinsurance. This gives us room to raise prices," Zeller said, adding: "Our earnings expectations are accordingly positive."
Zeller is to retire at end-June with board member Ulrich Wallin taking over.
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