Research Update: Hannover Rueckversicherung-AG Jun 04

Standard & Poors, June 2004

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
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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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