firmenpresse print | Hannover Re renews cat bond for European windstorm risks
30.07.2009
Hannover Re renews cat bond for European windstorm risks
Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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Hannover Re renews cat bond for European windstorm risks
Hannover, 30 July 2009: As part of its diversified risk management,
Hannover Re has renewed its Eurus catastrophe bond issued in July
2006. The bond with a volume of EUR 150 million was placed with
institutional investors in Europe and North America. "We are pleased
that we succeeded in structuring an attractive transaction that met
with keen interest among investors. We were able to place twice the
originally planned amount of EUR 75 million at our preferred
conditions", Chief Executive Officer Ulrich Wallin explained.
Eurus II Ltd. provides cover from 30 July 2009 to 31 March 2012
against severe windstorm events in seven European countries (Belgium,
Denmark, Germany, France, United Kingdom, Ireland, Netherlands). The
performance of the bonds is linked to a wind speed index.
"This transaction strengthens our risk management and protects our
capital against events with a return probability of between 50 and 80
years. We thus continue to be able to provide windstorm protection
for our European clients", Mr. Wallin affirmed.
The Eurus II transaction has received a preliminary rating of "BB"
from the rating agency Standard & Poor's. AIR Worldwide Corporation
handled the modelling of the underlying risks.
The transaction was arranged by BNP Paribas and Aon Benfield
Securities. Its insurance risk components are clearly and simply
structured. Eurus II also benefits from an innovative repurchase
agreement, under which BNP Paribas guarantees the minimum return on
the portfolio and offsets any fluctuations in value on a daily basis.
The investors' paid-in capital is put into corporate and government
bonds.
For further information please contact:
Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 511 5604-1500,
e-mail: stefan.schulz@hannover-re.com)
Press and Public Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick@hannover-re.com)
Investor Relations:
Klaus Paesler (tel. +49 511 5604-1736,
e-mail: klaus.paesler@hannover-re.com)
Please visit: www.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 on all five
continents 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.
--- End of Message ---
Hannover Rück
Karl-Wiechert-Allee 50 Hannover Germany
WKN: 840221;
ISIN: DE0008402215; Index: CDAX, CLASSIC All Share, HDAX, MDAX,
MIDCAP, Prime All Share;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in
Börse Berlin,
Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische
Wertpapierbörse zu Hamburg,
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse
Stuttgart,
Regulierter Markt in Niedersächsische Börse zu Hannover, Regulierter
Markt in Frankfurter Wertpapierbörse;
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