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Hannover, Germany, Jan 7, 2008 - (Hugin via ABN Newswire) - Hannover Re expands in South Korea
Hannover, 7 January 2008: Hannover Re plans to establish a branch office for life and health reinsurance business in Seoul in June 2008. The Korean insurance regulator has already issued a provisional licence and work on setting up the branch can therefore move forward.
With gross premium volume of around EUR 56 billion Korea is the seventh-largest life insurance market in the world and offers enormous growth potential. "In view of the anticipated vigorous expansion of the Korean market we now want to be in a position to offer clients our service directly from a local base", Wolf S. Becke, member of the Executive Board responsible for life and health reinsurance, explained. Hannover Re had previously served the Korean market through its Hong Kong branch. Korea is the largest life reinsurance market in Asia, generating a premium volume of some EUR 2 billion.
As part of the liberalisation of the Korean market set for 1 April 2008, it will now also be possible to sell the entire spectrum of life insurance products over the counter at banks. "Of the five pillars on which our life and health reinsurance business is founded, bancassurance and the cultivation of new markets will therefore constitute our focus in Korea", Becke added.
Hannover Re transacts life and health reinsurance worldwide under the Hannover Life Re brand. The envisaged expansion of this business group promises to further improve its positioning and will ensure that Hannover Re enjoys a promising portfolio and dynamic organic growth going forward.
For further information please contact:
Press and Public Relations / Investor Relations: Stefan Schulz (tel. +49 / 511 / 56 04-15 00, e-mail: stefan.schulz@hannover-re.com)
Press and Public Relations: Gabriele Handrick (tel. +49 / 511 / 56 04-15 02, e-mail: gabriele.handrick@hannover-re.com)
Hannover Re, with a gross premium of around 9 billion euro, is one of the leading reinsurance groups in the world. It transacts all lines of non-life and life and health reinsurance. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries with a total staff of roughly 2,000. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A "Excellent").
Disclaimer: Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Hannover Re does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Hannover Re and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
