Having already been honoured on multiple occasions in the past as “Reinsurance Company of the Year”, Hannover Re has now been crowned “Life Reinsurance Company of the Year” for the first time. The prestigious international trade journal “The Review” thereby recognised the achievements of Hannover Re in the field of life reinsurance in recent years. The world’s fourth-largest reinsurer concentrates its activities in the life sector under the “Hannover Life Re” brand.
Hannover Re considers life and health reinsurance to be the business group with the most significant long-term growth potential. “We generated an all-time record result in 2009 and prospects for the current year are again favourable. The momentum of our business model remains undiminished”, Dr. Wolf Becke, Chief Executive Officer of Hannover Life Re, emphasised.
Hannover Life Re marked a milestone in 2009 with its acquisition of the US ING life reinsurance portfolio. “This transaction enabled us to substantially grow our US life business”, Mr. Becke noted. The acquisition generates a premium volume of more than USD 1 billion per year. For more than ten years now Hannover Life Re has also been a pioneer in the transfer of life insurance risks to the capital market, exemplified most recently by its placement of the “L7” portfolio of life and annuity business at the end of 2008.
Source : Hannover Re news release
