Regulatory Filings • Jan 26, 2012
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Corporate | 26 January 2012 10:30
Hannover Re enables capital market to participate in insurance risks
Hannover Rückversicherung AG / Key word(s): Miscellaneous
26.01.2012 / 10:30
Hannover Re enables capital market to participate in insurance risks
Hannover, 26 January 2012: Hannover Re has again enabled the capital market to participate in (natural) catastrophe risks. The proportional retrocession programme referred to as the
'K Cession' was increased by around USD 20 million to USD 350 million. The placement passed off extremely successfully for Hannover Re inasmuch as expiring shares were more than offset by stronger demand – among not only existing but also new investors. Investors made the most of the increased rates for catastrophe risks in the latest renewal season.
'This transaction serves to complement our traditional retrocession programme which we use to protect against peak exposures such as natural disasters', Chief Executive Officer Ulrich Wallin explained. 'Given a normal experience of the covered portfolio, our investors profit from extremely attractive returns. Not only that, they are able to diversify their own portfolio and exclude the interest rate risks normally associated with other capital market products.'
The transaction was placed with institutional investors worldwide and is fully collateralised. The cession rate is roughly 37% and applies to a portfolio comprised of non-proportional reinsurance treaties from the six main zones for natural catastrophe risks as well as the aviation and marine (including offshore energy) lines.
Hannover Re first enabled investors to participate in insurance risks as long ago as 1995 – the transaction was previously designated 'K6'.
For further information please contact:
Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,
e-mail: [email protected])
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: [email protected])
Investor Relations:
Klaus Paesler (tel. +49 511 5604-1736,
e-mail: [email protected])
Please visit: www.hannover-re.com
Hannover Re , with a gross premium of around EUR 11 billion, is the third-largest reinsurer in the world. It transacts all lines of non-life and life and health reinsurance and is present on all continents with around 2,200 staff. 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').
Please note the disclaimer:
www.hannover-re.com/misc/disclaimer-pr-050811
End of Corporate News
26.01.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | Hannover Rückversicherung AG |
| Karl-Wiechert-Allee 50 | |
| 30625 Hannover | |
| Germany | |
| Phone: | +49-(0)511-5604-1500 |
| Fax: | +49-(0)511-5604-1648 |
| E-mail: | [email protected] |
| Internet: | www.hannover-re.com |
| ISIN: | DE0008402215 |
| WKN: | 840 221 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), Hannover; Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Terminbörse EUREX |
| End of News | DGAP News-Service |
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| 154021 26.01.2012 |
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