Hannover Life Re Experiences Significant Growth per SOA Life Reinsurance Survey
Orlando, Florida, May 14, 2009 (BUSINESS WIRE) – Hannover Life Reassurance Company of America “Hannover Life Re”, announced today that the 2008 SOA Life Reinsurance “Munich Re” Survey listed Hannover Life Re as the seventh largest reinsurer in the U.S. traditional life reinsurance market, measured by amount inforce, as of December 31, 2008.
Up four positions from last year, Hannover Life Re continues to strengthen its position in the U.S. marketplace. In February of this year, Hannover Life Re announced the acquisition of the ING individual life reinsurance business from Scottish Re. Reflecting the over USD 500 billion of acquired business, Hannover Life Re now reinsures the fourth largest portfolio of individual life insurance in the United States.
Hannover Life Re also made significant inroads in new individual life reinsurance production during 2008. Hannover Life Re increased in ranking for new business from 12th in 2007 to sixth in 2008. Hannover Life Re also continued to maintain recognition as a market leader in acquiring inforce blocks and providing creative financial solutions to the life, health and Medicare insurance industries in the United States.
Combining its current strong ratings and client focused team with the newly-acquired business, systems and personnel, Hannover Life Re is further positioned to be a leader in the U.S. life reinsurance market. The increased scale and capabilities in Mortality Solutions will complement Hannover Life Re’s already strong positions of its Financial Solutions and Senior Markets business units.
With its recent growth from the ING acquisition, Hannover Life Re has strengthened its expertise and resources by adding 128 employees to its team. These employees are located in two new Hannover Life Re offices in Charlotte, North Carolina and Denver, Colorado. Adding to its existing Headquarters location in Orlando, Florida Hannover Life Re now maintains a wide geographic presence to serve clients throughout the United States.
About Hannover Life Re
Hannover Life Reassurance Company of America "Hannover Life Re“, is the North American life and health reinsurance subsidiary of Hannover Re Group. Hannover Life Re is licensed and/or accredited in 49 states and Puerto Rico. In New York, Hannover Life Re provides letters of credit or deposits as required. With a gross premium of around 9 billion euro, Hannover Re Group is one of the leading reinsurance groups in the world. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Hannover Re and Hannover Life Re are both rated “AA-” (Stable) by Standard & Poor’s and “A” (Positive Outlook) by A.M. Best. Additional information about the Company can be obtained from its web site at www.hlramerica.com
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Hannover Life Re