HANNOVER, Germany, May 2, 2001 (PRIMEZONE) -- Effective from 30 March 2001, Hannover Re (GER:HNR) established in Bermuda the new subsidiary Hannover Re (Bermuda) Ltd. that will be writing catastrophe business on a worldwide basis.
Hannover Re (Bermuda) Ltd. (HRB) will become the center of excellence within the Hannover Re Group for property catastrophe excess of loss programs. Hannover Re will concentrate its underwriting expertise for this particular line of business in this unit. In addition, HRB intends to develop a proprietary catastrophe simulation model. By setting up this new company, the Hannover Re Group will be physically represented in the world's largest catastrophe reinsurance market and can benefit from the Bermudian infrastructure.
The new operation will be fully backed by the financial strength of the Hannover Re Group and has a stockholder's equity of EUR 250 million.
HRB will be headed by Konrad Rentrup, who is to assume the position of Managing Director.
Hannover Re, with gross premiums of over EUR 8 Bn., is the fifth-largest reinsurance group in the world. It transacts all lines of property/casualty, life/health and financial/finite-risk reinsurance as well as program business. It maintains business relations with more than 2,000 insurance companies in over 100 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in 20 countries. The American rating agencies Standard & Poor's and A.M. Best have awarded Hannover Re their second-highest rating of AA+ ("Very Strong") and A+ ("Superior"), respectively.