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ANALYSIS: Europe’s Fab Four reinsurers
22 April 2010
Europe’s four biggest reinsurance firms - Munich Re, Swiss Re, Hannover Re and Scor - returned to form with their latest results releases. We crunch the numbers to analyse their premium volume, investment returns, net income and combined ratios.
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The perfect storm for the leader of a reinsurance company breaks when they are able to say that they have genuinely managed to put a smile on the face of investors and policyholders in equal measure and can sleep easy for at least three months.
This rare occurrence comes about only when the heroic leader has simultaneously managed to deliver improved returns, preferably better than was forecast by those annoying equity analysts, and improved capital strength, preferably better than forecast by those equally annoying credit rating analysts.
If it emerges against the backdrop of a still-raging global economic and financial crisis, so much the better.
With performance of this sort, even those fickle mainstream investors and analysts that perennially prefer banks – or indeed it seems any kind of stock – to reinsurers may even sit up and take notice.
According to the year-end numbers it seems that we have arrived at...
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