WALLIN SAYS HANNOVER RE WILL NOT TAKE PART IN PRICE WAR

Germany-based Hannover Re expects falling premiums at the January renewals, which could lower profit expectations, reported German weekend paper Welt am Sonntag, citing Hannover Re CEO Ulrich Wallin. In late 2013 Hannover Re had said that it anticipated that premiums would grow by a low single-digit amount in 2014. Mr Wallin said that reinsurers were chasing more business than primary insurers wanted to provide. "But we will decline a price war", he said. Mr Wallin also said that Hannover Re could increase its 19.9% stake in Germany-based assurer Heidelberger Leben if UK-based private equity form Cinven decided to sell off part of its investment.