Research Update: Hannover Rueckversicherung-AG Jun 04

Published: June 2004
Standard & Poors

Abstract
On June 30, 2004, Standard & Poor's Ratings Services revised its outlook on Germany-based reinsurer Hannover R-ckversicherung-AG (Hannover Re) and other core members of the Hannover Re group to stable from negative, reflecting the reduction in exposure to reinsurance recoverables and improved financial flexibility following the successful flotation of an additional 21% of shares in 2004. At the same time, the 'AA-' long-term counterparty credit and insurer financial strength ratings on Hannover Re and core group members were affirmed. In addition, Standard & Poor's affirmed its 'A' long-term subordinated debt ratings on the -1.1 billion notes issued by Hannover Finance (Luxembourg) S.A. and on the $30 million notes issued by Hannover Finance Inc. Both bonds are guaranteed by Hannover Re....

Companies mentioned in this report are: Hannover Rueckversicherung AG,E+S Rueckversicherung AG,HDI Haftpflichtverband der Deutschen Industrie VaG,HDI Hannover Versicherung AG,Hannover Finance Inc.,Hannover Reinsurance (Ireland) Ltd.,E+S Reinsurance (Ireland) Ltd.,Talanx AG,Hannover Finance (Luxembourg) S.A.,Hannover Re Bermuda Ltd.,HDI Direkt Versicherung AG
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Hannover Rueckversicherung AG,E+S Rueckversicherung AG,HDI Haftpflichtverband der Deutschen Industrie VaG,HDI Hannover Versicherung AG,Hannover Finance Inc.,Hannover Reinsurance (Ireland) Ltd.,E+S Reinsurance (Ireland) Ltd.,Talanx AG,Hannover Finance (Luxembourg) S.A.,Hannover Re Bermuda Ltd.,HDI Direkt Versicherung AG