German reinsurer Hannover Re says a “satisfying” January renewals season has put the company on track to build its premium book by 5% this year.

Strong growth in the German market is offsetting sluggish form in its US operations, it says, with the world’s fourth-largest reinsurer retaining 87% of the €2.63 billion ($4.28 billion) in contracts that were up for renewal.

Cancelled or restructured policies worth €613 million ($996 million) were counterbalanced by €605 million ($983 million) in new treaties, the company says.