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Hannover Re strongly represented at the largest insurance conference in the U.S.A.

  • Hannover Re strengthens its position in the U. S. market at NAII Conference in San Francisco;
  • $ 800 million (DM 1.2 billion) premium income generated from the North American market;
  • Extensive negotiations held regarding renewal of existing contracts and possibilities for new treaties;

Hannover, November 1996

In mid October more than 1,300 officially registered participants and several hundred inofficial representatives of the U. S. insurance industry gathered at their yearly conference held in San Francisco. The National Association of Independent Insurers (NAII) is made up of roughly 560 U. S. insurers and reinsurers and is responsible for organizing this important venue. Hannover Re has been active in the United States for 25 years and - as in past years - used the NAII Conference this year to position itself in its most important foreign market. Headed by CEO Wilhelm Zeller, the delegation consisted of a total of 18 representatives which included staff from our Chicago Office and the Insurance Corporation of Hannover, a subsidiary of Hannover Re in Los Angeles. In nearly 200 individual meetings Hannover Re absorbed market trends, renewed existing contracts and was involved in initiating many new business transactions.

Following the NAII Conference, Hannover Re is forecasting that its current premium income of roughly $ 800 million (DM 1.2 billion) generated from the North American market will remain stable in 1997. In view of the excellent results attained in the last few years and assuming that there will not be any severe catastrophes, the portfolio should remain profitable. Competition has tightened considerably, however, and has already lead to a certain degree of consolidation among market players. The day after the NAII Conference, for example, Allianz subsidiary Fireman's Fund announced that it will pull its reinsurer San Francisco Re from the market by year end. As Hannover Re sees it, the negotiations held at the NAII Conference clearly point to realistic chances for the major players of the world of reinsurance which have excellent ratings. It reflects the need of the American cedents to place their business with the best security possible and thereby continue the flight to quality.