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BULLETIN: Hannover Re Group Ratings Unaffected By 2004 Results Mar 05
Standard & Poors, March 2005
LONDON (Standard & Poor's) March 29, 2005--Standard & Poor's Ratings Services said today that the 2004 results announced by Germany-based global reinsurer Hannover Rueckversicherung-AG (AA-/Stable/--) and its core subsidiaries, collectively known as the Hannover Re group (Hannover Re), have no impact on the ratings or outlook on group entities. "While the group's reported ROE was below expectations, the shortfall is not considered material enough to impact the financial strength of the group," said Standard & Poor's credit analyst Simon Marshall. For the ninth year in ten (2001 being the exception) the group met its own ROE target of 750 basis points in excess of the 10-year government bond yield. Hannover Re today reported a posttax operating profit of -309 million...
Companies mentioned in this report are: Hannover Rueckversicherung AG,E+S Rueckversicherung AG,HDI Haftpflichtverband der Deutschen Industrie VaG,Hannover Reinsurance (Ireland) Ltd.,E+S Reinsurance (Ireland) Ltd.,Talanx AG,Hannover Re Bermuda Ltd.
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Hannover Rueckversicherung AG,E+S Rueckversicherung AG,HDI Haftpflichtverband der Deutschen Industrie VaG,Hannover Reinsurance (Ireland) Ltd.,E+S Reinsurance (Ireland) Ltd.,Talanx AG,Hannover Re Bermuda Ltd.