October 22, 2019 / 7:43 AM / a month ago

Germany's Hannover Re to decide on guidance after quarterly results: report

BERLIN (Reuters) - Hannover Re (HNRGn.DE) will decide whether to raise its 2019 outlook based on third quarter results, its chief executive told a business newspaper, after the German reinsurer said it was on track to achieve its targets.

“We cannot yet say whether we will raise our earnings forecast for 2019. We still have to wait for the numbers,” CEO Jean-Jacques Henchoz told German daily Boersen-Zeitung in an interview published on Tuesday.

Henchoz, who started his job in May, said claims triggered by Caribbean hurricane Dorian and by typhoon Faxai in Japan would be included in the third quarter, adding that he saw Dorian’s market losses at 4 billion to 8.5 billion euros ($4.5-$9.5 billion).

He told the newspaper that he expected the company’s 875 million euro budget to cover major losses in 2019.

Hannover Re said last month that recent natural catastrophes such as Dorian would result in reinsurers demanding further rate hikes.

Reporting by Riham Alkousaa; Editing by Edmund Blair

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