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Hannover ReTakaful wins "MEIF Innovation Award 2007"

Hannover, 10 May 2007:

Hannover ReTakaful B.S.C. (c) – a wholly-owned subsidiary of Hannover Re based in Manama, Bahrain – this week received the 2007 Innovation Award of the Middle East Insurance Forum (MEIF) in the category of "International Re-Takaful" company. The distinction, awarded by the MEIF with the backing of the Central Bank of Bahrain (CBB), recognises the establishment of Hannover ReTakaful as the first entry by an international operator into this region's Retakaful market.

Mahomed Akoob, Chief Executive Officer of Hannover ReTakaful, accepted the award from the governor of the CBB, Rasheed Mohammed Al Maraj, as part of a ceremony at the 4th Annual Middle East Insurance Forum in Bahrain: "Hannover Re's entry marks a significant step in the development of the local insurance market and will have positive reverberations throughout the region", the CBB governor noted with confidence. The more than 100 Takaful insurers in 20 countries are currently able to obtain professional protection from only a few Sharia-compliant reinsurers offering comparatively modest underwriting capacity.

With the establishment of Hannover ReTakaful in December 2006 Hannover Re was the first of the major western reinsurance groups to devote itself to the emerging Islamic insurance market with its own exclusive subsidiary. Hannover ReTakaful writes reinsurance worldwide and across all lines in conformity with Islamic law. For 2007 Hannover Re expects its global Retakaful business to generate a premium volume of some USD 20 million.