Hannover Re renews cat bond for European windstorm risks
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Hannover Re renews cat bond for European windstorm risksHannover, 30 July 2009: As part of its diversified risk management,Hannover Re has renewed its Eurus catastrophe bond issued in July2006. The bond with a volume of EUR 150 million was placed withinstitutional investors in Europe and North America. "We are pleasedthat we succeeded in structuring an attractive transaction that metwith keen interest among investors. We were able to place twice theoriginally planned amount of EUR 75 million at our preferredconditions", Chief Executive Officer Ulrich Wallin explained.Eurus II Ltd. provides cover from 30 July 2009 to 31 March 2012against severe windstorm events in seven European countries (Belgium,Denmark, Germany, France, United Kingdom, Ireland, Netherlands). Theperformance of the bonds is linked to a wind speed index."This transaction strengthens our risk management and protects ourcapital against events with a return probability of between 50 and 80years. We thus continue to be able to provide windstorm protectionfor 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 Corporationhandled the modelling of the underlying risks.The transaction was arranged by BNP Paribas and Aon BenfieldSecurities. Its insurance risk components are clearly and simplystructured. Eurus II also benefits from an innovative repurchaseagreement, under which BNP Paribas guarantees the minimum return onthe portfolio and offsets any fluctuations in value on a daily basis.The investors' paid-in capital is put into corporate and governmentbonds.For further information please contact:Press and Public Relations / Investor Relations:Stefan Schulz (tel. +49 511 5604-1500,e-mail: stefan.schulz(at)hannover-re.com)Press and Public Relations:Gabriele Handrick (tel. +49 511 5604-1502,e-mail: gabriele.handrick(at)hannover-re.com)Investor Relations:Klaus Paesler (tel. +49 511 5604-1736,e-mail: klaus.paesler(at)hannover-re.com)Please visit: www.hannover-re.comHannover Re, with a gross premium of around 9 billion euro, is one ofthe leading reinsurance groups in the world. It transacts all linesof non-life and life and health reinsurance. It maintains businessrelations with more than 5,000 insurance companies in about 150countries. Its worldwide network consists of more than 100subsidiaries, branch and representative offices on all fivecontinents with a total staff of roughly 2,000. The rating agenciesmost relevant to the insurance industry have awarded Hannover Re verystrong 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-lookingstatements or statements of future expectations based on currentlyavailable information. Such statements are naturally subject to risksand uncertainties. Factors such as the development of generaleconomic conditions, future market conditions, unusual catastrophicloss events, changes in the capital markets and other circumstancesmay cause the actual events or results to be materially differentfrom those anticipated by such statements. Hannover Re does not makeany representation or warranty, express or implied, as to theaccuracy, completeness or updated status of such statements.Therefore, in no case whatsoever will Hannover Re and its affiliatecompanies be liable to anyone for any decision made or action takenin conjunction with the information and/or statements in this pressrelease or for any related damages. --- End of Message ---Hannover RückKarl-Wiechert-Allee 50 Hannover GermanyWKN: 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;
Datum: 30.07.2009 - 08:30 Uhr
Sprache: Deutsch
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