28.12.2016
Hannover Rück SE DE0008402215
DGAP-News: Hannover Re gets final licence to establish a branch in India
DGAP-News: Hannover Rück SE / Key word(s): Strategic Company Decision
Hannover Re gets final licence to establish a branch in India
28.12.2016 / 13:30
The issuer is solely responsible for the content of this announcement.
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Press release
Hannover Re gets final licence to establish a branch in India
Hannover, 28 December 2016: Hannover Re received the approval (R3) to
establish a branch in India from the Insurance Regulatory and Development
Authority of India (IRDAI). The opening up of the Indian market to foreign
reinsurers enables Hannover Re to enjoy direct access to the country's
growing insurance market. With this licence, the company can commence
business operations in both property and casualty as well as life and
health reinsurance.
"I am delighted about the opening up of the Indian market for (re)insurers.
The establishment of our branch means that we can now be even closer to our
customers and respond more attentively to their reinsurance needs",
Hannover Re's Chief Executive Officer Ulrich Wallin emphasised.
The registered office of the branch will be in Mumbai, India's financial
services centre. Property and casualty reinsurance, including agricultural
risks, as well as life and health business will be written out of this
location. Based on its very good capitalisation and excellent rating,
Hannover Re is a strong partner for customers in the Indian market that
will put its know-how and long-standing expertise at their disposal.
With a total population of some 1.3 billion, a rapidly growing middle class
and a comparatively low insurance density relative to other national
economies, India constitutes an attractive market of the future.
Hannover Re, with gross premium of around EUR 17 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 around 2,500 staff. Established in 1966, the Hannover Re Group today
has a network of more than 100 subsidiaries, branches and representative
offices worldwide. The Group's German business is written by the subsidiary
E+S Rück. The rating agencies most relevant to the insurance industry have
awarded both Hannover Re and E+S Rück very strong insurer financial
strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+
"Superior".
Please note the disclaimer:
https://www.hannover-re.com/535917
Contacts
Corporate Communications:
Karl Steinle
Tel. +49 511 5604-1500
[email protected]
Media Relations:
Gabriele Handrick
Tel. +49 511 5604-1502
[email protected]
Investor Relations:
Julia Hartmann
Tel. +49 511 5604-1529
[email protected]
www.hannover-re.com
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28.12.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Hannover Rück SE
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: [email protected]
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxemburg
End of News DGAP News Service
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533117 28.12.2016
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