Hannover Re’s Q1 profits rise

An increase in premiums during the first quarter 2006 caused net profit’s for reinsurer Hannover Re to spike 7% reaching US$134 million (105 million).
However, forecasts had quoted a greater profit of around US$149.3 million (117 million).
Hannover Re’s gross written premiums also rose by about 9%% to to reach US$3.57 billion (2.8 billion) for the Q1 2006.
These results are a significant improvement for the reinsurer which recorded minimal profits for the 2005 year as a result of the devastating catastrophes which incited severe claims causing earnings to drop to an unprecedented low.