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Hannover Rueckversicherung AG : Hannover Re Estimates Burden of Losses for Wrecked Costa Concordia

01/23/2012 | 05:05am US/Eastern

As already reported by Hannover Re on 16 January, the incident involving the Costa Concordia cruise ship will result in a major loss for the company. The loss expenditure from marine hull insurance will be in the region of EUR 30 million for the company's net account. Liability claims are difficult to assess at this point in time. The assumption is that a market loss running into triple-digit millions of euros could result. The total loss for Hannover Re - as a leading marine reinsurer - could therefore be in the mid-double-digit million euro range.

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Hannover Re, with a gross premium of around EUR 11 billion, is the third-largest reinsurer in the world. It transacts all lines of non-life and life and health reinsurance and is present on all continents with around 2,200 staff. 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').

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Language:   English
Company: Hannover Rückversicherung AG
Karl-Wiechert-Allee 50 30625
Hannover Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648


ISIN: DE0008402215
WKN: 840 221
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hannover; Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Terminbörse EUREX

Hannover Rückversicherung AG
Corporate Communications:
Karl Steinle
tel. +49 511 5604-1500
Media Relations:
Gabriele Handrick
tel. +49 511 5604-1502
Investor Relations:
Klaus Paesler
tel. +49 511 5604-1736

© Business Wire 2012
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