HANNOVER, Germany, June 2, 2004 (PRIMEZONE) -- In a survey conducted by the well-known US-based Flaspohler Research Group, Hannover Re emerged as the best overall reinsurer on the North American reinsurance market. 295 brokers participated in the survey, rating 29 reinsurers operating on the US market. Bearing in mind that North American reinsurance business is predominantly (68%) handled through brokers, the findings take on special significance.
Hannover Re was expressly recommended as a reinsurer by 93.5% of the brokers who took part. Particularly favourable reference was made to the good personal relationships with the underwriters in Hannover.
This is all the more remarkable given the fact that Hannover Re writes its North American business from its Hannover Home Office. Unlike the other reinsurers operating on the US market, the company does not have any local non-life offices that can cultivate business relationships. In terms of market know-how and client orientation too, geographical distance is quite obviously not a drawback for Hannover Re.
In Flaspohler's survey of the reinsurance market, the participating brokers rated Hannover Re as the best reinsurer in the following categories:
- Strongly recommended reinsurer
- Best lead reinsurer for the lines Casualty Working Layer,
Casualty Excess and Casualty Clash
- Best lead reinsurer in the Property Pro Rata and Property Excess
Per Risk categories on a combined basis
- The following special strengths were identified: good personal
relationships with the underwriters, strong client orientation
and responsive service
The excellent overall rating is a special mark of distinction for Hannover Re, particularly in view of the fact that North America constitutes its largest single market - with gross premium of EUR 1.8 billion - in the property and casualty reinsurance business group. Accounting for 55% of total gross premium income across all business groups in 2003, North America is also Hannover Re's most important market overall.
Hannover Re, with gross premiums of approximately EUR 11 billion, is one of the five largest reinsurance groups 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 3,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in 19 countries. 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").