Commodity Shippers Nearing Insurance Cliff for Vessels to Russia [BNN Bloomberg (Canada)]
HANNOVER RE SE S/ADR (HVRRY)
NASDAQ:AMEX Investor Relations:
hannover-re.com/122688/investors
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Source: BNN Bloomberg
and Ukraine, a potential source of alarm for shipping firms moving everything from oil to grains. Hannover Re and Munich Re are among reinsurers who have warned that they will cease to underwrite any kind of risks — even indirect ones — related to the conflict in Ukraine from the start of next year, according to people familiar with the matter. “The major German reinsurers and others are looking to exclude losses emanating from or linked to Russia and Ukraine war,” said Chris McGill, class underwriter for cargo at the insurance company Ascot Group, declining to name specific firms. “This is the first time we've ever had to contemplate a material change to our reinsurance program.” The potential pullback by reinsurers comes after many have seen hits to their results from the war. Hannover Re said it set aside a reserve of 331 million euros ($351 million) in the first nine months of this year for possible losses tied to the conflict. Bigger Risk If a solution isn't found, some
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