SOURCE: Hannover Rück

January 11, 2011 04:09 ET

Business Conditions for Hannover Re Now Improved in the State of New York Too

HANNOVER, GERMANY--(Marketwire - January 11, 2011) -

Hannover Rück / Business conditions for Hannover Re now improved in the state of New York too Processed and transmitted by Thomson Reuters.

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* New York insurance regulator reduces collateral requirements for Hannover Re

Hannover, 11 January 2011: The New York State Insurance Department has allowed Hannover Re to qualify as a so-called "Eligible Reinsurer". With its adoption of this regulation New York is following Florida, which in 2010 had been the first and thus far only US state to reduce collateral requirements for alien reinsurers that are highly rated and financially secure.

This means that Hannover Re can now write its non-life reinsurance business under improved conditions in the state of New York as well: while foreign reinsurers are obliged to post collateral for 100 percent of the technical reserves, the required level for Hannover Re, however, is now just 20 percent.

"We welcome the decision of the New York State Insurance Department. It improves free access for international reinsurers to the US market. Given the importance of the state of New York, which has taken this step in the wake of Florida's decision, it is our hope that other US states will follow suit with this regulation", Hannover Re's Chief Executive Officer Ulrich Wallin observed.

Bearing in mind that the state of New York is the largest-volume market in Hannover Re's US portfolio, the recent decision by the New York State Insurance Department takes on special significance.

Hannover Re, with a gross premium of around EUR 10 billion, is the third- largest reinsurer 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 on all five continents with a total staff of roughly 2,100. 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").


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.

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Hannover Rück

Karl-Wiechert-Allee 50 Hannover Germany

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Source: Hannover Rück via Thomson Reuters ONE


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