Hannover Re cuts cat cover

Reinsurer Hannover Re chief financial officer Roland Vogel told newspaper Frankfurter Allgemeine Zeitung am Sonntag the reinsurer plans to reduce its major claims business, Bloomberg reports.

The re-insurer is cutting back on its exposure to large disasters to stabilise earnings, Vogel said, according to the FAZ Sunday edition. The shares rose 2.2%, or 80 cents, to €37.36.