Business conditions for Hannover Re now improved in the state of New York too
(Thomson Reuters ONE) -
Hannover Rück /
Business conditions for Hannover Re now improved in the state of New York too
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* New York insurance regulator reduces collateral requirements for Hannover Re
Hannover, 11 January 2011: The New York State Insurance Department has allowed
Hannover Re to qualify as a so-called "Eligible Reinsurer". With its adoption of
this regulation New York is following Florida, which in 2010 had been the first
and thus far only US state to reduce collateral requirements for alien
reinsurers that are highly rated and financially secure.
This means that Hannover Re can now write its non-life reinsurance business
under improved conditions in the state of New York as well: while foreign
reinsurers are obliged to post collateral for 100 percent of the technical
reserves, the required level for Hannover Re, however, is now just 20 percent.
"We welcome the decision of the New York State Insurance Department. It improves
free access for international reinsurers to the US market. Given the importance
of the state of New York, which has taken this step in the wake of Florida's
decision, it is our hope that other US states will follow suit with this
regulation", Hannover Re's Chief Executive Officer Ulrich Wallin observed.
Bearing in mind that the state of New York is the largest-volume market in
Hannover Re's US portfolio, the recent decision by the New York State Insurance
Department takes on special significance.
For further information please contact:
Media 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.com
Hannover Re, with a gross premium of around EUR 10 billion, is the third-largest
reinsurer 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.
--- End of Message ---
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Source: Hannover Rück via Thomson Reuters ONE
[HUG#1478514]
Unternehmensinformation / Kurzprofil:
Datum: 11.01.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 50353
Anzahl Zeichen: 4599
contact information:
Town:
Hannover
Kategorie:
Business News
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