Bancolombia (NYSE:CIB) also noted a number of cost savings, ranging from tailoring back loan loss provisions in its Panama-based banks, reducing bonus expenses and lowering taxes. Hannover Re declared solid earnings, with premium volumes and prices surpassing previous year metrics. The German reinsurer had limited exposure to catastrophe claims from the spate of hurricanes in the Caribbean and U.S. The stock was up more than 8%, as the street speculated about issuance of a special dividend in 2018.
From Bernard Horn (Trades, Portfolio)'s first quarter 2018 shareholder letter.
