SOURCE: Hannover Rück

November 29, 2010 08:00 ET

Hannover Re insures energy savings guarantees in the United States

HANNOVER, GERMANY--(Marketwire - November 29, 2010) -

Hannover Rück / Hannover Re insures energy savings guarantees in the United States Processed and transmitted by Thomson Reuters. The issuer is solely responsible for the content of this announcement.

Hannover, 29 November 2010: In cooperation with the US company Energi, Hannover Re has developed an insurance product for businesses, municipalities and homeowners. The financing of energy efficiency concepts can now be secured through the so-called "Energy Savings Warranty Program".

"It is our hope that this new insurance product will create incentives to invest more heavily in energy-saving technologies. In this way it can help to reduce energy consumption - and hence ultimately promote climate protection", Ulrich Wallin, Chief Executive Officer of Hannover Re, emphasised.

The "Energy Savings Warranty Program" provides an insurance backstop for energy saving guarantees in the United States. Such guarantees are given by Energy Service Companies (ESCOs) that make energy-improving upgrades to buildings by, inter alia, enhancing insulation or optimising heating technology or air-conditioning systems. If the remediation fails to deliver the promised energy savings, the ESCOs undertake to make deficiency payments. In future, these can be covered under Energi's "Energy Savings Warranty Program". International Insurance Company of Hannover Ltd., a UK-based subsidiary of Hannover Re, is the insurer of the policies.

Given that ESCOs in the United States now also have the option to cover the promises they make through insurance and thereby avoid possible liabilities in their balance sheets, Hannover Re anticipates stronger demand for energy-saving measures going forward.

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").

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.


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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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