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Hannover, Germany, Oct 24, 2007 - (Hugin via Asia Business News) - Hannover Re establishes life reinsurer in Bermuda
Hannover, 24 October 2007: Hannover Re has established a new subsidiary in Bermuda which will transact life reinsurance business. "Hannover Life Reassurance Bermuda Ltd. is to assume an important position within the life and health reinsurance business group while at the same time decisively strengthening our global network", Wilhelm Zeller, Chief Executive Officer of Hannover Re, explained.
The new company's focus will be on the life, health, annuity and personal accident lines as well as the writing of blocks of in-force life reinsurance business. In regional terms it will concentrate on the markets of the United Kingdom, Ireland, Canada, South Africa as well as on business from various Asian markets. Hannover Life Reassurance Bermuda Ltd. has an equity base of EUR 120 million and is also able to turn Hannover Re's considerable financial strength to its advantage.
Since 2000 the Hannover Re Group has transacted its worldwide life and health reinsurance business under the Hannover Life Re brand. This business group enjoys sustained double-digit growth potential thanks to systematic customer relationship management.
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.
