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News Focus - Hannover Re announces 'break even' 2005 results.
(From Reinsurance)
Hannover Re has said that it achieved a 'break even' result for 2005, despite what it described as "an unparalleled burden of natural catastrophe losses" for international reinsurers.
The company made a profit of $146.4m in 2005, down sharply on the $644.4m it made the previous year. It blamed the fall on the three major hurricanes of 2005, Katrina, Wilma and Rita, saying that they produced "historically unprecedented loss expenditure," and that the three hurricanes inflicted a net loss of $958m on the company.
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