Hannover Re voted best reinsurer in Russia
Hannover, 2 April 2008:
In a survey conducted on the occasion of the 12th All-Russia Reinsurance Conference at the end of March 2008 in Moscow Hannover Re was chosen as the best foreign reinsurer. Insurers and brokers from Russia and the CIS states took part in the vote, along with foreign brokerage houses.
"Bearing in mind that we write our reinsurance business from Hannover, in other words without maintaining a representative office in Russia, this vote of confidence from our clients is especially gratifying", Chief Executive Officer Wilhelm Zeller explained. Hannover Re likely garnered plus points for its undogmatic and quick decisions as well as for its client-oriented products.
Russia and the CIS states offer a particularly large growth potential for (re)insurance business; the market is, however, fiercely competitive. In past years Hannover Re has nevertheless been successful in consistently writing profitable business. For the current 2008 financial year, too, the company anticipates adequate margins. Hannover Re ranks among the top 3 reinsurers in Russia and the CIS states and is well positioned with a market share of around 10%.