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New Chief Financial Officers for HDI and Hannover Re

Hannover, 1 June 2001:

At its meeting on 8 May 2001 the Supervisory Board of HDI Haftpflichtverband der Deutschen Industrie V.a.G. appointed Herbert K. Haas (47) as a member of the Board of Management of HDI V.a.G. with effect from 1 February 2002. He is to assume responsibility for finance and accounting, capital markets, participations and will succeed Dr. Erwin Möller in this position. Dr. Möller is retiring at age 63 on 28 February 2002. Mr. Haas was also appointed as a member of the HDI Group Executive Committee effective 1 July 2001.

Mr. Haas joined the Hannover Re Group in 1982. In 1994 he was appointed to the Executive Boards of Hannover Rückversicherungs-AG and E+S Rückversicherungs-AG.

The Supervisory Boards of Hannover Rückversicherungs-AG and E+S Rückversicherungs-AG have appointed Dr. Elke König (47) as his successor. With effect from 1.1.2002 Dr. König will assume responsibility for finance and accounting, information technology and capital markets as a deputy member of both companies' Executive Boards. Since 1990 Dr. König has been a member of the Executive Management of Munich Re, with responsibility for accounting and controlling.