HANNOVER, Germany, Aug. 30, 2001 (PRIMEZONE) -- Hannover Re (GER:HNR)announced new appointments to the Executive Board.
Effective Sept.1, 2001, Dr. Detlef Steiner -- currently a member of Hannover Re's Executive Board with responsibility, inter alia, for program business -- is to become President and Chief Operating Officer of Hannover Re's largest subsidiary, Clarendon Insurance Group, New York. With effect from Jan.1, 2002, Dr. Steiner will also assume the function of Chief Executive Officer of the company.
Dr. Steiner's appointment marks a further step towards safeguarding the profit potential of the market leader in US program business. As emphasized by Wilhelm Zeller, Chairman of the Executive Board of Hannover Re. Dr. Steiner's expertise makes him ideally suited for assuming this important task. Henceforth, Mr. Zeller himself will take responsibility for Group-wide program business on Hannover Re's Executive Board.
Ralph Milo, Clarendon's present Chairman and Chief Executive Officer, will retire upon completion of his contract as at Dec. 31, 2001. The company will, however, continue to be able to call on his outstanding marketing expertise in the field of US program business.
Responsibility for North American property and casualty reinsurance - the Hannover Re Group's largest and most important market - which Dr. Steiner has thus far also been in charge of, will now be assumed by Executive Board member Jurgen Graber. In addition to his unchanged responsibility for financial reinsurance, Mr. Graber will in future coordinate the entire non-life reinsurance of the Group.
The departure of Dr. Steiner from the Executive Board of Hannover Re and Mr. Graber's assumption of new functions have given rise to further reallocations of responsibility and appointments to the Executive Board. With effect from Sept. 1, 2001, the Supervisory Board of Hannover Re has appointed Andre Arrago and Ulrich Wallin as deputy members of the Executive Board.
Mr. Arrago, who has been with Hannover Re since 1985 and most recently served as Managing Director in property and casualty treaty reinsurance with responsibility for Romance and Arabic-speaking countries as well as Northern and Eastern Europe, will continue to be responsible for these markets in his role on the Executive Board. Additionally, he shall assume responsibility for property and casualty reinsurance in the regions of Asia and Australasia.
Mr. Wallin will henceforth assume responsibility in property and casualty treaty reinsurance for the UK and Irish markets as well as for the Specialty Division (which encompasses worldwide facultative business in the casualty and property lines as well as worldwide treaty and facultative business in the marine, aviation and space lines). Mr. Wallin has been with the Hannover Re Group since 1984 and most recently served as Managing Director -- Specialty Division.
Hannover Re, with gross premiums of EUR $8.3 billion., 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.
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CONATCT: Hannover Re, Hannover
Ralf Arndt
011 49 511 56 04-15 00
fax 011 49 511 56 0416 48
ralf.arndt@hannover-re.com.