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Hannover, Germany, July 5, 2007 - (Hugin) - Hannover Re strengthens its presence in Bahrain
Hannover, 5 July 2007: Following the successful establishment of its subsidiary Hannover ReTakaful B.S.C. (c) last year, Hannover Re is now opening a branch office in the Kingdom of Bahrain: Hannover Rückversicherung AG, Bahrain Branch, is expected to commence business operations at the start of the coming year and will concentrate exclusively on traditional reinsurance in the region. The Central Bank of Bahrain (CBB) awarded the company the required licence at the end of June.
"This concentration of our activities in the Arab world will enable our clients to profit from even greater market intimacy and access our full range of services from a single location", Wilhelm Zeller, Chief Executive Officer of Hannover Re, emphasised. "At the same time, the stronger presence in Bahrain will also reduce our operational risk since the two offices optimally complement and dovetail with one another."
While Hannover ReTakaful writes reinsurance worldwide in accordance with Islamic law (known as Retakaful business), traditional business serving Arab markets has hitherto been transacted mostly from the company's Hannover Home Office. In addition to the enormous growth market for Islamic insurance products, demand for conventional covers nevertheless remains undiminished in the region. By establishing this new branch office Hannover Re will now be able to offer its clients both Sharia-compliant and conventional solutions on a concentrated basis from just one location.
For further information please contact:
Press and Public Relations / Investor Relations: Stefan Schulz (tel. +49 / 511 / 56 04-15 00, e-mail: stefan.schulz@hannover-re.com)
Press and Public Relations: Gabriele Handrick (tel. +49 / 511 / 56 04-15 02, e-mail: gabriele.handrick@hannover-re.com)
Hannover Re, with a gross premium of around 9 billion euro, is one of the leading reinsurance groups in the world. It transacts all lines of non-life and life and health reinsurance. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries with a total staff of roughly 2,000. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A "Excellent").
Disclaimer: Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Hannover Re does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Hannover Re and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.