Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Hannover Rück (FRA:HNR1) Hannover Re anticipates only moderate losses from hurricane "Gustav"
Hannover, 8 September 2008: Wilhelm Zeller, Chief Executive Officer of Hannover Re, took the opportunity at a press breakfast in Monte Carlo to give an early indication of the scale of losses from hurricane "Gustav", which swept across the Gulf of Mexico and Louisiana at the end of August. The relevant international modelling agencies estimate that the storm caused insured losses in the range of USD 1.5 to 8 billion. The total amount can be broken down into around USD 1.5 to 4 billion for offshore business, i.e. oil rigs and drilling platforms in the Gulf, as well as up to USD 4 billion for onshore business, namely the insured property damage on land. A reliable estimate of the exact loss amount will probably only be possible in a few weeks' time. Against this backdrop Hannover Re expects a net strain of less than EUR 100 million. "This burden of losses still puts us well within our catastrophe loss budget", Mr. Zeller affirmed. Hannover Re earmarks 10 % of its anticipated net premium in non-life reinsurance for this purpose, i.e. roughly EUR 400 million for 2008.
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.
