European reinsurers rise as hurricane losses appear less than feared

Hannover Rueck SE

10/10/2024 14:02

** Shares in European reinsurers rise as insured losses from
hurricanes Helene and Milton in the U.S. may not be as high as
originally feared 
    ** "The latest update signals a more southernly direction,
and our best guess for insured losses is now around the $50bn
mark," Citi says in a note
    ** "We moved away from the most catastrophic scenarios. The
cost, though still important, should be less high than what was
feared a few days ago," says Benoit Valleaux, analyst at ODDO
BHF on hurricane Milton
    ** Citi adds that as things stand, it expects losses to
absorb Q4 loss budgets for the European reinsurers
    ** Shares of Germany's Munich Re  MUVGn.DE  rise around 4%,
hitting a new record high of 501 euros, and making it the best
performer of German blue-chip index DAX  .GDAXI  
    ** Hannover Re  HNRGn.DE , Swiss Re  SRENH.S  are both up
around 3%, France's Scor  SCOR.PA  rises 4.5%

 (Reporting by Chiara Holzhaeuser and Alban Kacher)
 ((Chiara.Holzhaeuser@thomsonreuters.com))