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Archive 2002

[ 2002-12-17 ]
Hannover Re strengthens equity base Hannover Re's subsidiary E+S Rück, bearing exclusive responsibility for German business within the Group, yesterday successfully completed the capital increase announced in October.

[ 2002-12-16 ]
Moody's Insurance Financial Strength Rating for Hannover Re Rating agency Moody's Investors Service, Inc. announced today that it has put its insurance financial strength rating (A2) for Hannover Re under "review", this does not preclude further downgrading. Moody's has justified this move, inter alia, by suggesting that Hannover Re's capital resources are not adequate in view of its strong premium growth.

[ 2002-11-20 ]
Press Release on Interim Report 3/2002

  • Hannover Re keeps on its successful course
  • Property and casualty reinsurance continues to be extremely favourable
  • Forecast year-end profit after tax remains unchanged

[ 2002-11-15 ]
Extraordinary General Meeting approves expansion of capital market options Today, the Extraordinary General Meeting of Hannover Re approved by a large majority an amendment of the Articles of Association that enables the company to utilise all currently recognised capital market instruments as necessary. In addition to providing for increased authorised capital, a framework has now been created for the issue of convertible and warrant bonds, dividend bonds and participation rights.

[ 2002-10-07 ]
Hannover Re seeks to expand its capital market options Hannover Re is calling an Extraordinary General Meeting on 14 November 2002. The principal item on the agenda is an amendment of the Articles of Association that will enable the company to utilize as necessary all currently available capital market instruments.

[ 2002-09-16 ]
No risk of billions of euros for Hannover Re from business with investment banks In an article in today's "Financial Times Deutschland" the paper writes about latent risks of billions of euros for reinsurers involved in business with investment banks in order to secure corporate bonds and loans. In this context, Hannover Re is mentioned as "an active market participant in these new risks".

[ 2002-08-21 ]
Press Release on Interim Report 2/2002

  • Gratifying first half-year 2002
  • EBIT +32%
  • Net income +23%
  • Gross written premiums +36%
  • Profits forecast for the year as a whole confirmed

[ 2002-05-24 ]
Press Release on Interim Report 1/2002 Quarterly net income more than doubled; Record result forecast for 2002

[ 2002-04-25 ]
Press Release on Annual Report 2001

  • Property and casualty reinsurance heavily impacted, all other business segments on target or above
  • Net embedded value of the life and health reinsurance portfolio surpasses EUR 1 billion for the first time
  • Stronger demand causes premium income in financial reinsurance to double
  • Program business on the upswing again

[ 2002-04-02 ]
Hannover Re enhances its position for an upswing in the market With today's completion of its K3 transaction, Hannover Re has again utilized the capital markets for the securitization of catastrophe and other large-scale risks. K3 is a structured financing involving a so-called portfolio-linked securitization, comprising a variety of non-proportional reinsurance covers for natural perils (hurricanes and earthquakes in the U.S., wind-storms in Europe and earthquakes in Japan) and worldwide aviation business

[ 2002-01-31 ]
Press Release on Interim Report 3/2001

  • Excluding the effect of the terrorist attacks of 11 September the results for the first nine months of 2001 fulfilled Hannover Re's expectations
  • Good prospects for 2002
Hannover Re's results for the first nine months of 2001 would have been positive, had it not been for the terrorist attacks in the United States on 11 September 2001. Excluding this extraordinary impact, Hannover Re would have achieved a profit after tax of EUR 30 million, or EUR 1.04 per share, in the third quarter of 2001. Because of these events, however, the third quarter profit after tax decreased by EUR 234 million, or EUR -7.92 per share, to EUR -204 million, or EUR -6.88 per share.