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Hannover Re expands its program business

Hannover Re expands its program business

Hannover, 5 March 2001: The Hannover Re subsidiary Insurance Corporation of Hannover (ICH), Los Angeles, has acquired substantial parts of the program business of Acceptance Insurance Companies, Inc.

In contrast to the Hannover Re subsidiary Clarendon Insurance Group, New York, which concentrates on large programs, ICH has hitherto focused on writing small, specialised programs. This new acquisition will guarantee ICH hand-picked, profitable business and new growth potential. Furthermore, the acquisition of the business also means that ICH gains the underwriting team, who can use their expertise to further serve and expand the existing portfolio.

The business acquired will provide ICH with additional premium income amounting to USD 70 million. This acquisition reflects the Hannover Re Group's strategy to boost the expansion of its lucrative program business segment.