HANNOVER, Germany, July 9, 2002 (PRIMEZONE) -- At our Annual General Meeting on May 24, 2002 it was decided by a large majority to increase the capital stock of Hannover Re out of company funds and implement a stock split in a ratio of 3:1. The stock split will serve to substantially reduce the market price of a single share, thereby rendering the share more accessible to a broader range of investors. This, in turn, will increase the share's liquidity and stimulate demand. It is envisaged that the measure will be executed on July 12, 2002 after the close of trading. Listing "exsplit" in official stock market trading will commence on July 15, 2002. From this date onwards trading in the company's existing shares will cease, however the security identification number will remain 840 221.
Hannover Re, with gross premiums of approx. EUR 12 bn., is the fifth largest reinsurer in the world. It transacts all lines of property/casualty, life/health, financial/finiterisk reinsurance as well as program business and 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 19 countries. The American rating agencies Standard & Poor's and A.M. Best have awarded Hannover Re their secondhighest rating of AA ("Very Strong") and A ("Superior"), respectively.