SOURCE: Hannover Ruck

October 13, 2009 03:02 ET

Hannover Re strengthens its presence in China

HANNOVER, GERMANY--(Marketwire - October 13, 2009) -


Hannover Re strengthens its presence in China

Hannover, 13 October 2009: Hannover Re has received approval to open a branch in Shanghai for non-life reinsurance. Since May 2008 it has had a branch there writing Chinese life/health reinsurance business. Going forward, both business groups will now be transacted directly from Shanghai. At the beginning of October the China Insurance Regulatory Commission (CIRC) issued the company an appropriate licence.

"This stronger presence will enable our clients to access all services from a concentrated source", Chief Executive Officer Ulrich Wallin explained. "At the same time it gives us an optimal platform for further extending our position in China." China is one of Asia's largest insurance markets, and Hannover Re expects to grow its premium volume here in the years ahead.

The General Manager of both branches is Michael Huang, who has been with the company for a number of years in Shanghai. He has long-standing experience in the insurance industry and a superb knowledge of the Chinese market. The business written to date by Hannover Re in China encompasses obligatory and facultative non-life reinsurance across all lines as well as life reinsurance.

For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 511 5604-1500,
e-mail: stefan.schulz@hannover-re.com)

Press and Public Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick@hannover-re.com)

Investor Relations:
Daniela Gissinger (tel. +49 511 5604-1529,
e-mail: daniela.gissinger@hannover-re.com)

Please visit: www.hannover-re.com

Hannover Re, with a gross premium of around EUR 9 billion, is one of the leading reinsurance groups 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 2,000. 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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