HANNOVER, Germany, Sept. 16, 2002 (PRIMEZONE) -- In an article in today's "Financial Times Deutschland" the paper writes about latent risks of billions of euros for reinsurers involved in business with investment banks in order to secure corporate bonds and loans. In this context, Hannover Re is mentioned as "an active market participant in these new risks." Hannover Re hereby clarifies, that the group does not pursue the type of business described in the above cited article and is therefore not involved in these latent risks of billions of euros.
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 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 19 countries. The American rating agencies Standard & Poor's and A.M. Best have awarded Hannover Re a rating of AA ("Very Strong") and A ("Superior"), respectively