FRANKFURT (dpa-AFX) - The announcement of the treaty renewal as of January 1 sent Hannover Re shares on a minor up-and-down ride on Wednesday.

At the start of trading, the overall market initially went up. However, the papers failed at the chart-technically important 21-day line at slightly above 184 euros, which signals the short-term trend. Later in the morning, they fell by 0.6 percent to 180.15 euros.

Analysts were largely positive overall. In particular, the "strong price increases" of the reinsurer were well received. Experts from RBC, Goldman Sachs and JPMorgan, for example, expressed their appreciation.

However, some still criticized the somewhat weak premium volume. JPMorgan analyst Kamran Hossain nevertheless wrote: "Although January renewal volume was weaker than expected, we expect only minor revisions to average analyst estimates." These are more likely to be due to last week's full-year results and the annual outlook given there.

Analyst Alan Devlin of Goldman Sachs believes Hannover Re is well positioned to benefit from rising prices for reinsurance protection. The recent price development is not only cyclical, but also partly structural, given the rising demand for insurance against the consequences of climate change./ck/stw/jha/