HANNOVER, Germany, Sept. 9, 2004 (PRIMEZONE) -- Having been crowned "Reinsurance Company of the Year" only last year by the UK trade magazine "Reactions", the company has now been awarded this title by the similarly highly respected international trade journal "The Review". Hannover Re is thus the only reinsurer to have received this distinction on three occasions - following on from 1998 and 2001.
This award recognises the unparalleled performance of Hannover Re. In eleven consecutive quarters the company has impressed with excellent operating profits (EBIT) and after-tax results. The year-end closing for the 2003 financial year marked another high point in the success story of Hannover Re. Most strikingly, the company thereby convincingly demonstrated the further improvement in its market position relative to its competitors. The citation states that Hannover Re has been particularly successful in exploiting the opportunities offered by the hard market and has thus emerged as one of the major winners of recent years.
Jason Groves, Editor of "The Review", remarked: "The success story of Hannover Re has been its ability both to give its shareholders strong returns but also to enhance its market position."
This was the eleventh year in which the award has been made. The judging panel included distinguished figures from the reinsurance industry such as Clem Booth, CEO of Aon Re International, AIG's reinsurance chief Chris Milton and Hans-Peter Gerhardt, CEO of Axa Re.
Hannover Re, with gross premiums of approximately EUR 11 billion, is one of the five largest reinsurance groups in the world. It transacts all lines of property/casualty, life/health and financial/finite-risk reinsurance as well as program business. It maintains business relations with more than 3,000 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").