History

Hannover Re, with a gross premium of more than EUR 24 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with more than 3,000 staff.

Jean-Jacques Henchoz succeeds Ulrich Wallin as Chief Executive Officer of Hannover Re.

Hannover Rück SE and HDI Global SE merge their specialty activities in a joint venture and establish HDI Global Specialty SE.

Hannover Re acquires the UK holding company Argenta Holdings Limited, which owns the companies Argenta Syndicate Management and Argenta Private Capital as well as a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121, thereby gaining additional access to international and London Market business.

Hannover Re establishes a branch in Mumbai, India, which is licensed for both property & casualty and life & health reinsurance.

Hannover Re celebrates its 50 years' anniversary: Quick, flexible and undogmatic, with lean structures and an efficient organisation, it has taken Hannover Re just 50 years to grow into a well-diversified, globally operating reinsurer of above-average profitability.

Hannover Rückversicherung AG is transformed into a European public limited company (Societas Europaea, SE). The company is now trading under the name Hannover Rück SE.

Hannover Re promotes the diversification of its life and health portfolio: The company reaches agreement with Scottish Re (US) in 2011 on the acquisition of a reinsurance portfolio as part of a transaction. It complements the acquisition of the ING life reinsurance portfolio in 2009 and further strengthens Hannover Re’s traditional US life business. In 2012, a block transaction for longevity risks in the United Kingdom consisting of pension obligations cements Hannover Re’s leading position in the longevity risks market.

Hannover Re reaches agreement on the sale of all operational companies of its US subsidiary Clarendon Insurance Group, Inc., New York, to the Bermuda-based Enstar Group Ltd., Hamilton.

Ulrich Wallin succeeds Wilhelm Zeller as Chief Executive Officer of Hannover Re.

The extension of the existing licence of Hannover Re's Shanghai Branch is approved by the China Insurance Regulatory Commission (CIRC) to comprise both life/health and property/casualty reinsurance. Hannover Re is very well positioned in the established and emerging reinsurance markets worldwide.

To fill the last gap, Hannover Re acquires the ING US Individual Life Reinsurance Business previously reinsured by Scottish Re Group Limited as well as the policy administration systems of Scottish Re and other assets supporting the US mortality reinsurance business which had hitherto been underrepresented in Hannover Re’s portfolio.

Owing to the effects of the financial market crisis Hannover Re has to take significant value adjustments, in particular on equity holdings. As anticipated, therefore, Group net income after tax closes in negative territory for the first time in company history.

The international network for life and health business is enhanced by new branch offices in Seoul, South Korea and Shanghai, China and a new subsidiary - Hannover Life Reassurance Bermuda Ltd. - in Bermuda. The company signs a cooperation agreement with India's government-owned reinsurer GIC Re regarding the joint development, marketing and underwriting of life reinsurance business in India.

Hannover Rückversicherung AG, Bahrain Branch is established for the underwriting of traditional reinsurance business in Arab countries.

Hannover Rückversicherung AG receives the admitted reinsurer license for Brazil by the Brazilian Supervisory Authority SUSEP. Hannover Re establishes the representative office Hannover Re Escritório de Representação no Brasil Ltda. in Brazil.

Hannover Re launches Praetorian Financial Group, Inc., based in New York, as core specialty insurer, taking over the active specialty business of Clarendon. Clarendon Insurance Group, Inc. concentrates on management of around 200 terminated programs and existing commodity business. In December, Hannover Re can announce the sale of Praetorian Financial Group, Inc., New York, to QBE Insurance Group Ltd., Sydney, Australia.

Hannover ReTakaful B.S.C., Bahrain is established for the underwriting of worldwide reinsurance in conformity with Islamic law.

Hannover Re is “somewhat different”: The new claim stands for a fast, flexible, undogmatic business approach.

The company achieves a breakeven result for 2005 despite historically unprecedented natural catastrophe losses in excess of EUR 1 billion for net account. Hurricanes "Katrina", "Rita" and "Wilma" alone inflicted a net loss on the company of almost EUR 800 million.

Hannover Re places a subordinated debt issue of EUR 750 million on the capital market. Hybrid issues not only help boost Hannover Re's capital base for a calculable increase in interest burden, but also enhances its market appeal. It also benefits the shareholders of Hannover Re, as there will be no dilution of earnings per share. Hybrid capital continues to play an important role in Hannover Re’s capital management.

The registered company name is changed from “Hannover Rückversicherungs-AG” to “Hannover Rückversicherung AG”.

In the context of a capital increase, Talanx AG contributes its shares in HDI Reinsurance Ireland Ltd. into Hannover Re. Effective 16 January 2004, the company is renamed Hannover Reinsurance (Dublin) Ltd. Thus, Hannover Re acquires the financial reinsurance activities of the HDI Group.

Hannover Re implements a stock split 3:1 which will serve to substantially reduce the market price of a single share, thereby rendering the share more accessible to a broader range of investors. This, in turn, will increase the share's liquidity and stimulate demand.

Catastrophe reinsurer Hannover Re (Bermuda) Ltd. is established in order to become the center of excellence within the Hannover Re Group for property catastrophe excess of loss programs. The Hannover Re Group is now physically represented in the world's largest catastrophe reinsurance market and can benefit from the Bermudian infrastructure.

Hit by heavy losses from the World Trade Center terror attacks, Hannover Re pays no dividend, but despite the unimaginable dimensions of the event achieves positive net income albeit on a modest level.

Hannover Re changes from bearer shares to registered shares in order to improve its investor relations activities and favourably impact the share performance. In October, Hannover Re is named winner of the "Capital Investor Relations Award" for companies listed on the MDax by the business magazine "Capital".

The acquisition of Specialty insurer Clarendon Insurance Group, New York. U.S. makes program business the fourth strategic cornerstone of Hannover Re’s worldwide activities, with the remaining three being property/casualty, life/health (under the brand name “Hannover Life Re”) and financial reinsurance (under the brand name “Hannover Re Advanced Solutions”).

While Hannover Re pioneered the securitisation of natural peril catastrophe risks as early 1994, it now succeeds in transferring acquisition costs from life reassurance contracts into the capital markets. The transaction L1 is followed by further innovative capital market transactions.

Hannover Re acquires selected portfolios of Skandia International Insurance Company (SIIC), Stockholm, comprising life and health reinsurance, facultative reinsurance and aviation/space insurance, which ideally complement the existing book of business. Through the acquisition Hannover Re also gains well-established worldwide branches, for example in Paris, Madrid and Mexico City.

Wilhelm Zeller joins Hannover Re as new Chairman of the Executive Board.

Eisen und Stahl Rück is integrated into the Hannover Re Group followed by a restructuring of the Group: Hannover Re assumes responsibility for foreign markets while Eisen und Stahl Rück - now E+S Rück - takes exclusive responsibility for the German market within the Group.

Hannover Re acquires the majority holding in Eisen und Stahl Rück and establishes Hannover Rückversicherungs-AG Malaysian Branch, Kuala Lumpur.

Hannover Re goes public: on 30 November 25% of the share capital is placed on the stock markets in Frankfurt and Hannover. The share is introduced at a price of DEM 75.

Hannover Re acquires a 50% participation in Hannover Life Re of Australasia Ltd (LRA), Sydney.

Dr. Michael Reischel succeeds R. Claus Bingemer as Chief Executive Officer of Hannover Re.

Hannover Re establishes Hannover Reinsurance (Ireland) Ltd. (HRI), Dublin, based at the International Financial Services Centre (IFSC), as a financial reinsurer.

The Hannover Re Arts Foundation is established as a private foundation on the occasion of the 25th anniversary of Hannover Re. The foundation is capitalised with DEM 1 million. Its goal is to support contemporary art in Hannover by acquiring paintings or sculptures for exhibition in the Sprengel Museum in Hannover.

In order to improve diversification and reduce volatility, Hannover Re decides to expand its life and health business: The company acquires US life insurer Reassurance Company of Hannover (RCH), Orlando/Florida and the portfolio of Hamburger Internationale Rückversicherung (HIR).

At the 31st December 1987 a joint underwriting agreement (Zeichnungsgemeinschaft) is established with Eisen und Stahl Rück. This occasion is celebrated with a reception during the Monte Carlo Rendezvous in September 1988.

Hannover Re moves into the new building in Karl-Wiechert-Allee 50, Hannover.

Hannover Re acquires a majority shareholding in the Hollandia Group in Johannesburg, South Africa which later will be renamed Hannover Re Group Africa.

To improve access to the US and UK markets, the subsidiaries Insurance Corporation of Hannover (ICH), Los Angeles, and International Insurance Company of Hannover Ltd. (IICH), London are established.

The portfolio of marine insurance is transferred to the parent company HDI, and ATR is renamed Hannover Rückversicherungs-Aktiengesellschaft (Hannover Re).

Joint management is established with the affiliated company Eisen und Stahl Rückversicherungs-AG which was founded on 23 August 1923 in Cologne.

HDI Haftpflichtverband der Deutschen Industrie V.a.G., Hannover, merges with FSV. As a consequence of the merger, ATR's head office is relocated to Hannover.

On 6 June, the company is established as "Aktiengesellschaft für Transport- und Rückversicherung" (ATR) by the Feuerschadenverband Rheinisch-Westfälischer Zechen (FSV) in Bochum. It provides primary marine insurance and reinsurance and expands rapidly in the international reinsurance markets in the first five years.

The company’s share capital amounts to DEM 5 million, gross written premium amounts to 0.05 million.

The Executive Board consists of R. Claus Bingemer (Chairman effective 1 September 1979) and Dr. Herbert Diel.