HANNOVER, Germany, Oct. 29, 2002 (PRIMEZONE) -- The rating agency Standard & Poor's has announced today that it has placed its financial strength rating of Hannover Re (Other OTC:HVRRF) (AA, "very strong") on Credit Watch with negative implications. It is important for us to stress that Standard & Poor's only reason for doing so are the current talks between HDI Haftpflichtverband der Deutschen Industrie and the Gerling Group concerning a possible cooperation. Hannover Re is not involved in these talks. The talks between Hannover Re and Gerling Global Re are solely concerning parts of the European life reinsurance business of Gerling Global Re. They are not connected to the contacts between HDI and the Gerling Group. Any further cooperation between Hannover Re and Gerling Global Re is not intended.
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.