DGAP-News: Hannover Re assumes two further portfolios of UK longevity risks
(firmenpresse) - DGAP-News: Hannover Rück SE / Key word(s): Miscellaneous
Hannover Re assumes two further portfolios of UK longevity risks
24.04.2013 / 10:00
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Hannover Re assumes two further portfolios of UK longevity risks
Hannover, 24 April 2013: Hannover Re concluded two more block transactions
for longevity risks in the United Kingdom and thereby reinsured additional
pension obligations in the amount of around GBP 1 billion. Having already
assumed longevity risks with a total volume of some GBP 2 billion from the
British insurer Legal&General in February of this year, the company has
now successfully completed two further transactions.
Hannover Re is assuming longevity risks from Abbey Life, a subsidiary of
Deutsche Bank, in an amount of GBP 490 million, as well as from Rothesay
Life totalling GBP 460 million.
'In our latest block transactions we serve as the exclusive reinsurer and
have once again proven our expertise when it comes to reinsurance products
in the field of longevity risks. In this context, as is also the case with
Legal&General, we assume only the biometric - not the investment - risk',
Chief Executive Officer Ulrich Wallin explained.
Altogether both deals will generate an initial gross premium in the order
of GBP 53 million for 2013. Combined with the Legal&General transaction,
this means that Hannover Re will be able to book some GBP 150 million in
premium income for 2013.
Hannover Re has been active in the longevity risks segment since the
mid-1990s. The risk covered in this business is that the life expectancy
proves to be higher than anticipated.
For further information please contact:
Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,
e-mail: karl.steinle(at)hannover-re.com)
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick(at)hannover-re.com)
Investor Relations:
Julia Hartmann (tel. +49 511 5604-1529,
e-mail: julia.hartmann(at)hannover-re.com)
Please visit: www.hannover-re.com
Hannover Re, with a gross premium of EUR 13.8 billion, is the third-largest
reinsurer in the world. It transacts all lines of non-life and life and
health reinsurance and is present on all continents with around 2,300
staff. 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+ 'Superior').
Please note the disclaimer:
www.hannover-re.com/misc/disclaimer-pr-050811
End of Corporate News
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24.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Hannover Rück SE
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: info(at)hannover-re.com
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hannover;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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208149 24.04.2013
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Datum: 24.04.2013 - 10:00 Uhr
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News-ID 252231
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