MONACO, Sept 12 Hannover Re, the
world's third-largest reinsurer, said on Monday it expected to
see greater stability for reinsurance prices at January 2017
Competition remains intense, it said in a statement at the
reinsurance industry's annual meeting in Monte Carlo, but it
added price declines were "more muted" at contract renewals in
the first half of 2016.
Reinsurers act as a financial backstop for insurance
companies, helping them pay for large damage claims from
hurricanes or earthquakes in exchange for part of the premium.
Hannover Re reiterated on Monday it expected to reach its
goal of earning at least 950 million euros ($1.07 billion) in
net profit this year.
($1 = 0.8890 euros)
(Reporting by Carolyn Cohn; Editing by Ludwig Burger)