HANNOVER, Germany, May 10, 2007 (PRIME NEWSWIRE) -- Hannover ReTakaful B.S.C. (c) - a wholly-owned subsidiary of Hannover Re based in Manama, Bahrain - this week received the 2007 Innovation Award of the Middle East Insurance Forum (MEIF) in the category of "International Re-Takaful" company. The distinction, awarded by the MEIF with the backing of the Central Bank of Bahrain (CBB), recognises the establishment of Hannover ReTakaful as the first entry by an international operator into this region's Retakaful market.
Mahomed Akoob, Chief Executive Officer of Hannover ReTakaful, accepted the award from the governor of the CBB, Rasheed Mohammed Al Maraj, as part of a ceremony at the 4th Annual Middle East Insurance Forum in Bahrain: "Hannover Re's entry marks a significant step in the development of the local insurance market and will have positive reverberations throughout the region," the CBB governor noted with confidence. The more than 100 Takaful insurers in 20 countries are currently able to obtain professional protection from only a few Sharia-compliant reinsurers offering comparatively modest underwriting capacity.
With the establishment of Hannover ReTakaful in December 2006 Hannover Re was the first of the major western reinsurance groups to devote itself to the emerging Islamic insurance market with its own exclusive subsidiary. Hannover ReTakaful writes reinsurance worldwide and across all lines in conformity with Islamic law. For 2007 Hannover Re expects its global Retakaful business to generate a premium volume of some USD 20 million.
For further information please contact:
Press and Public Relations / Investor Relations: Stefan Schulz (tel. +49 / 511 / 56 04-15 00, e-mail: stefan.schulz@hannover-re.com)
Press and Public Relations: Gabriele Handrick (tel. +49 / 511 / 56 04-15 02, e-mail: gabriele.handrick@hannover-re.com)
Investor Relations:
Gabriele Bodeker (tel. +49 / 511 / 56 04-17 36, e-mail: gabriele.boedeker@hannover-re.com)
Hannover Re, with a gross premium of around 9 billion euro, is one of the leading reinsurance groups in the world. It transacts all lines of non-life and life and health reinsurance. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries with a total staff of roughly 2,000. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A "Excellent").
Disclaimer: Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Hannover Re does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Hannover Re and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.