Hannover Re Group Jun 11

Standard & Poors, June 2011

Abstract
Please note that the ratings covered by this full analysis apply only to core entities of the Hannover Re group, which are listed below. These ratings do not apply to any noncore or unrated entities of the group. Ratings assigned to noncore entities of the group are published individually. Very strong competitive position. Positive view on management and strategy. Strong enterprise risk management. Non-life operating performance not fully commensurate with the ratings. Lower group capital quality than peers'. Constrained financial flexibility. The ratings on Germany-based reinsurer Hannover Rueckversicherung AG and its core subsidiaries (collectively, Hannover Re) reflect Standard & Poor's Ratings Services' opinion of the group's very strong competitive position, positive view on management and strategy, and Hannover Re's strong...

Companies mentioned in this report are: Hannover Rueckversicherung AG,E+S Rueckversicherung AG,Hannover Life Reassurance Co. of America,International Insurance Co. of Hannover Ltd.,HDI Haftpflichtverband der Deutschen Industrie VaG,Hannover Reinsurance (Ireland) Ltd.,Talanx AG,Hannover Re Bermuda Ltd.,Hannover Life Reassurance (U.K.) Ltd.,Hannover Life Reassurance of Australasia Ltd.,Hannover Life Reassurance Bermuda Ltd.,Hannover Life Reassurance Ireland Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Hannover Rueckversicherung AG,E+S Rueckversicherung AG,Hannover Life Reassurance Co. of America,International Insurance Co. of Hannover Ltd.,HDI Haftpflichtverband der Deutschen Industrie VaG,Hannover Reinsurance (Ireland) Ltd.,Talanx AG,Hannover Re Bermuda Ltd.,Hannover Life Reassurance (U.K.) Ltd.,Hannover Life Reassurance of Australasia Ltd.,Hannover Life Reassurance Bermuda Ltd.,Hannover Life Reassurance Ireland Ltd.

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