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19 May 2012

Hannover Re raises profit goal despite cat losses

10 November 2010

After "better-than-expected" income for the first nine months of 2010, German re/insurer Hannover Re is raising its profit forecast for the full year from around EUR600mn to more than EUR700mn.

This is despite a considerable catastrophe burden during the nine months, barring the "unremarkable" hurricane season in the third quarter.

The net burden of major losses as at 30 September 2010 totalled EUR554.1mn, compared to EUR198.2mn in the same period of 2009.

"We again recorded appreciable strains from natural catastrophe...

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