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Flaspöhler Award: Hannover Re best reinsurer in North America

Hannover, 2 June 2004:

In a survey conducted by the well-known US-based Flaspöhler Research Group, Hannover Re emerged as the best overall reinsurer on the North American reinsurance market. 295 brokers participated in the survey, rating 29 reinsurers operating on the US market. Bearing in mind that North American reinsurance business is predominantly (68%) handled through brokers, the findings take on special significance.

Hannover Re was expressly recommended as a reinsurer by 93.5% of the brokers who took part. Particularly favourable reference was made to the good personal relationships with the underwriters in Hannover. This is all the more remarkable given the fact that Hannover Re writes its North American business from its Hannover Home Office. Unlike the other reinsurers operating on the US market, the company does not have any local non-life offices that can cultivate business relationships. In terms of market know-how and client orientation too, geographical distance is quite obviously not a drawback for Hannover Re.

In Flaspöhler's survey of the reinsurance market, the participating brokers rated Hannover Re as the best reinsurer in the following categories:

  • Strongly recommended reinsurer
  • Best lead reinsurer for the lines Casualty Working Layer, Casualty Excess and Casualty Clash
  • Best lead reinsurer in the Property Pro Rata and Property Excess Per Risk categories on a combined basis
  • The following special strengths were identified: good personal relationships with the underwriters, strong client orientation and responsive service

The excellent overall rating is a special mark of distinction for Hannover Re, particularly in view of the fact that North America constitutes its largest single market with gross premium of EUR 1.8 billion in the property and casualty reinsurance business group. Accounting for 55% of total gross premium income across all business groups in 2003, North America is also Hannover Re's most important market overall.