|By Marketwired .||
|September 9, 2010 04:44 AM EDT||
HANNOVER, GERMANY -- (Marketwire) -- 09/09/10 --
Hannover Rück / Worldwide Reinsurance Awards: Hannover Re honoured as "Life Reinsurance Company of the Year" processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Hannover, 9 September 2010: Having already been honoured on multiple occasions in the past as "Reinsurance Company of the Year", Hannover Re has now been crowned "Life Reinsurance Company of the Year" for the first time. The prestigious international trade journal "The Review" thereby recognised the achievements of Hannover Re in the field of life reinsurance in recent years. The world's fourth-largest reinsurer concentrates its activities in the life sector under the "Hannover Life Re" brand.
Hannover Re considers life and health reinsurance to be the business group with the most significant long-term growth potential. "We generated an all-time record result in 2009 and prospects for the current year are again favourable. The momentum of our business model remains undiminished", Dr. Wolf Becke, Chief Executive Officer of Hannover Life Re, emphasised.
Hannover Life Re marked a milestone in 2009 with its acquisition of the US ING life reinsurance portfolio. "This transaction enabled us to substantially grow our US life business", Mr. Becke noted. The acquisition generates a premium volume of more than USD 1 billion per year.
For more than ten years now Hannover Life Re has also been a pioneer in the transfer of life insurance risks to the capital market, exemplified most recently by its placement of the "L7" portfolio of life and annuity business at the end of 2008.
For further information please contact: Corporate Communications: Karl Steinle (tel. +49 511 5604-1500, e-mail: [email protected]) Media Relations: Gabriele Handrick (tel. +49 511 5604-1502, e-mail: [email protected]) Investor Relations: Klaus Paesler (tel. +49 511 5604-1736, e-mail: [email protected])
Please visit: www.hannover-re.com
Hannover Re, with a gross premium of around EUR 10 billion, 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 on all five continents with a total staff of roughly 2,100. 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").
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.
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Karl-Wiechert-Allee 50 Hannover Germany
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Source: Hannover Rück via Thomson Reuters ONE