SOURCE: Hannover Ruck

September 28, 2010 04:38 ET

Improved business conditions for Hannover Re (Bermuda) Ltd.

HANNOVER, GERMANY--(Marketwire - September 28, 2010) -

Hannover Rück / Improved business conditions for Hannover Re (Bermuda) Ltd. processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

Insurance regulator in Florida reduces collateral requirements for Hannover Re (Bermuda) Ltd.

Hannover, 28 September 2010: Following the agreement reached back in February of this year with the Florida Office of Insurance Regulation allowing Hannover Re - as the first foreign reinsurer in the world - to qualify as a so-called "Eligible Reinsurer", its subsidiary Hannover Re (Bermuda) Ltd. now also enjoys this status.

This enables the company to write its non-life reinsurance business in Florida under improved conditions: while foreign reinsurers have hitherto been obliged to post collateral for 100 percent of the loss reserves, the required level for Hannover Re (Bermuda) Ltd. in property catastrophe reinsurance is now just 20 percent.

"We welcome the decision of the Florida Office of Insurance Regulation and hope that other US states will also reduce the collateral requirements for foreign reinsurers", Hannover Re's Chief Executive Officer Ulrich Wallin stated.

Florida is so far the only US state to approve a rule imposing lower collateral requirements on alien reinsurers that are highly rated and financially secure.

For further information please contact:

Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,

Investor Relations:
Klaus Paesler (tel. +49 511 5604-1736,

Please visit:

Hannover Re, with a gross premium of around EUR 10 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 2,100. 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

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