HANNOVER, Germany, Sept. 7, 2006 (PRIMEZONE) -- In a survey conducted by the widely respected US-based Flaspohler Research Group, Hannover Re came out as the best overall reinsurer for the second time in succession. Not only that, the company's standing showed further appreciable improvement in the assessment of the participating brokers, 63.1% of whom chose Hannover Re as the best reinsurer on the North American market. The company's lead over the second-best player stood at around 15 percentage points, and Hannover Re received almost double the number of votes of its third-placed competitor. 366 experts at leading reinsurance brokerage firms took part in the study, giving their opinions on 28 reinsurers active in the US market. Bearing in mind that North American reinsurance business is predominantly handled through brokers - they place more than two-thirds of the total market volume -, these findings take on considerably greater significance. Particularly favourable reference was made to the good personal relationships with the underwriters in Hannover and the company's quick, responsive handling of business. This is all the more remarkable given the fact that Hannover Re writes its entire North American portfolio from its Hannover Home Office. In terms of market know-how and client orientation too, geographical distance is quite obviously not a drawback for Hannover Re. In this, the most important survey of the North American market, the participating brokers rated Hannover Re as the best reinsurer in the following categories:
-- Best reinsurer overall in North America; -- Best reinsurer in the categories "Effective Underwriting Process" and "Responsive Service"; -- Best lead reinsurer for the lines "Casualty Working Layer", "Casualty Excess", "Workers' Compensation", "Casualty Umbrella", "Excess & Surplus Lines" and "Aviation/Space"; -- Best lead reinsurer in the market segments "National Accounts", "Middle Market Commercial", "Regional/Mutual" and "Excess & Surplus Lines".
This outstanding overall rating is a special mark of distinction for Hannover Re, not least in view of the fact that North America is the company's largest single market in its property and casualty reinsurance Business Group with gross premium of EUR 1.6 billion. Producing 45% of total gross premium income across all business groups in 2005, North America is also Hannover Re's most important regional market overall.
Hannover Re, with a gross premium of approximately EUR 10 billion, is one of the largest reinsurance groups in the world. It transacts all lines of property/casualty, life/health and financial reinsurance as well as specialty insurance. 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 in 18 countries. 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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