Improved business conditions for Hannover Re (Bermuda) Ltd.
(Thomson Reuters ONE) -
Hannover Rück / Improved business conditions for Hannover Re (Bermuda) Ltd. processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Insurance regulator in Florida reduces collateral requirements
for Hannover Re (Bermuda) Ltd.
Hannover, 28 September 2010: Following the agreement reached back
in February of this year with the Florida Office of Insurance Regulation
allowing Hannover Re - as the first foreign reinsurer in the world - to qualify
as a so-called "Eligible Reinsurer", its subsidiary Hannover Re (Bermuda) Ltd.
now also enjoys this status.
This enables the company to write its non-life reinsurance
business in Florida under improved conditions: while foreign reinsurers have
hitherto been obliged to post collateral for 100 percent of the loss reserves,
the required level for Hannover Re (Bermuda) Ltd. in property catastrophe
reinsurance is now just 20 percent.
"We welcome the decision of the Florida Office of Insurance
Regulation and hope that other US states will also reduce the collateral
requirements for foreign reinsurers", Hannover Re's Chief Executive Officer
Ulrich Wallin stated.
Florida is so far the only US state to approve a rule imposing
lower collateral requirements on alien reinsurers that are highly rated and
financially secure.
For further information please contact:
Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,
e-mail: karl.steinle(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.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").
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.
[HUG#1447193]
--- End of Message ---
Hannover Rück
Karl-Wiechert-Allee 50 Hannover Germany
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Hannover Rück via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 28.09.2010 - 10:30 Uhr
Sprache: Deutsch
News-ID 43130
Anzahl Zeichen: 0
contact information:
Town:
Hannover
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 238 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Improved business conditions for Hannover Re (Bermuda) Ltd."
steht unter der journalistisch-redaktionellen Verantwortung von
Hannover Rück (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
