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Hannover Rück (Other OTC:HVRRF.PK) Hannover, 20 June 2008: Hannover Re has reached an exclusive cooperation agreement with India's government-owned reinsurer GIC Re regarding the joint development, marketing and underwriting of life reinsurance business in India. The agreement was signed today at a formal ceremony in Mumbai in the presence of the Indian Minister of State for Finance; it came into force with retroactive effect as from 1 April 2008. The goal of the cooperation, which is initially planned for a period of five years, is to jointly build up a profitable portfolio with strong growth potential in the highly promising Indian market.
In view of the current population of 1.1 billion and a rapidly growing middle class, India offers immense business potential in the medium term - especially in life insurance. "We are delighted that we are now in a position to maximise these market opportunities jointly with GIC Re and are pleased to have reached an agreement that is very fruitful for both parties", Wolf S. Becke, CEO of Hannover Life Re, stated. "While Hannover Re will enjoy faster access to the vigorously expanding Indian market, GIC Re - which has its roots in non-life reinsurance - will profit from our long-standing expertise in life reinsurance and can utilise Hannover Life Re's international network." The two companies will operate on the Indian market as equal partners and will underscore their cooperation with joint marketing activities.
By way of further support Hannover Re is also planning to establish a service company in Mumbai, although Indian business will continue to be underwritten from the company's Home Office in Germany. The representative office, which is currently still in the establishment phase, is expected to commence its business activities in the autumn of this year and is intended to enhance Hannover Re's sales prospects and client support capabilities in the Indian insurance market.
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 8 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 1,800. 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.
