Hannover Re (Bermuda) Ltd. (HRB) is owned 100% by Hanover Re and is a key strategic holding of Hannover Re and the provider of property catastrophe excess of loss reinsurance within the Group. Following a strategic decision of the Hannover Re Executive Board the company was set up in 2001 and received its license as a class 4 reinsurer in Bermuda in April 2001.
As a strategically important subsidiary of Hannover Re, HRB carries the same ratings as the group which currently are an A+ from AM Best and AA- from Standard & Poor's. The paid in capital of the company of more than EUR 1 billion allowed the company to grow to one of the largest property catastrophe companies in the market.
The establishment of HRB in Bermuda underlines Hannover Re's commitment to the property catastrophe reinsurance marketplace and secures easy access to some of Bermuda’s major markets.
Hannover Re Bermuda is committed to a technical underwriting approach. Modelling forms an essential part of our exposure analysis and is utilized besides the traditional approach to underwrite our clients' catastrophe risks. The technical approach is also applied in the underwriting of the other lines of business written by HRB. Over the years, HRB became a market for workers' compensation cat and personal accident cat business, the lines of terrorism protection, marine, aviation retro and credit/surety.
HRB has produced a positive income every year since its formation. Considering the observed natural catastrophes since then, the company is proud of its achieved results, which would not have been possible without its professional staff.