HANNOVER, Germany, July 16, 2004 (PRIMEZONE) -- Only a few months after implementing our first e-business product in August 2003, we launched a second online product on 1 June 2004. Since that date it has been possible to trade and administer Total Loss Only (TLO) and Personal Accident (PA) risks electronically via the Internet.
Ulrich Wallin, Member of the Executive Board of Hannover Re, commented: "Our e-business team has proven that it is possible to build user-friendly individual software which is well accepted by the reinsurance market." The payback periods will be approximately nine months after going live. At the present time coverages for German professional soccer players are placed, endorsed, renewed and managed via our reCover Personal Accident (PA) Online.
"The first six weeks of operation have already revealed a very positive attitude among our clients towards this new electronic product," Mr. Wallin explained. For that reason, reCover Personal Accident (PA) Online has been developed with one of the world's top five broking firms. "We believe that the use of reCover for different reinsurance products will create a "win / win" situation for our clients as well as for ourselves. Via this portal we are able to offer extremely short response times and additional services", explained Wallin, "Having gathered positive experience with these two niche products, we will enable additional products in the coming months".
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").