DGAP-News: Hannover Re estimates burden of losses for wrecked Costa Concordia

DGAP-News: Hannover Rückversicherung AG / Key word(s): Miscellaneous
Hannover Re estimates burden of losses for wrecked Costa Concordia

23.01.2012 / 10:30

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Hannover Re estimates burden of losses for wrecked Costa Concordia

Hannover, 23 January 2012: 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.

For further information please contact:

Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500, 
e-mail: karl.steinle@hannover-re.com) 

Media Relations: 
Gabriele Handrick (tel. +49 511 5604-1502, 
e-mail: gabriele.handrick@hannover-re.com)

Investor Relations: 
Klaus Paesler (tel. +49 511 5604-1736, 
e-mail: klaus.paesler@hannover-re.com) 

Please visit: www.hannover-re.com

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').

Please note the disclaimer:
www.hannover-re.com/misc/disclaimer-pr-050811


End of Corporate News

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23.01.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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                                        
E-mail:      info@hannover-re.com                                        
Internet:    www.hannover-re.com                                         
ISIN:        DE0008402215                                                
WKN:         840 221                                                     
Listed:      Regulierter Markt in Frankfurt (Prime Standard), Hannover;  
             Freiverkehr in Berlin, Düsseldorf, Hamburg, München,        
             Stuttgart; Terminbörse EUREX                                
 
 
End of News    DGAP News-Service  
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