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Standard & Poor's Rating of Hannover Re

Hannover, 29 October 2002: The rating agency Standard & Poor's has announced today that it has placed its financial strength rating of Hannover Re (AA, "very strong") on Credit Watch with negative implications.

It is important for us to stress that Standard & Poor's only reason for doing so are the current talks between HDI Haftpflichtverband der Deutschen Industrie and the Gerling Group concerning a possible cooperation. Hannover Re is not involved in these talks.

The talks between Hannover Re and Gerling Global Re are solely concerning parts of the European life reinsurance business of Gerling Global Re. They are not connected to the contacts between HDI and the Gerling Group. Any further cooperation between Hannover Re and Gerling Global Re is not intended.