Hannover Re

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Hannover Rück SE
TypeSocietas Europaea
FWBHNR1
MDAX Component
IndustryFinancial services
Founded1966; 56 years ago (1966)
HeadquartersHannover, Germany
Key people
  • Jean-Jacques Henchoz (CEO)
    Sven Althoff
    Claude Chèvre
    Klaus Miller
    Michael Pickel
    Silke Sehm
    Clemens Jungsthöfel
  • Torsten Leue (Chairman of the supervisory board)
ProductsReinsurance
Revenue 24 billion (Gross written premium, 2020)[1]
Number of employees
3,218 [1]
Websitewww.hannover-re.com

Hannover Re (in German Hannover Rück) is a reinsurance company based in Hannover, Germany. It is the third-largest reinsurance group in the world, with a gross premium of around 24 billion.[2] Founded in 1966, Hannover Re transacts all lines of property & casualty and life & health reinsurance and has a network of over 170 subsidiaries, branches and representative offices on all five continents with a total staff of more than 3,000. The Group's German business is written by the subsidiary E+S Rück.

History[edit]

Hannover Re was founded on 6 June 1966.

In the 1970s, the company entered the US and Japanese markets. In 1981, the company made its first acquisition of a foreign insurance group – the Hollandia Group (now Hannover Re Group Africa). In 1990, the acquisition of Hamburger Internationale Rückversicherungs-AG followed.

In 1994, Hannover Re went public. In the same year, the company was the first reinsurer ever to securitise natural catastrophe risks for the capital market.

In 1996, Eisen und Stahl Rück was integrated into the Hannover Re Group. From then on, Hannover Re serves foreign insurance markets, while Eisen und Stahl Rück – now E+S Rück – takes responsibility for handling the German market.

As part of its increasingly international orientation, the legal form of the company was conversed to a Societas Europaea (European Company) in 2013. Hannover Re has since traded as Hannover Rück SE.

In 2019, Jean-Jacques Henchoz succeeded Ulrich Wallin as Chief Executive Officer of Hannover Re.[3]

Structure[edit]

Hannover Re transacts reinsurance in the business groups Property & Casualty and Life & Health.

Property & Casualty: Hannover Re offers a comprehensive range of products in treaty and facultative reinsurance as well as in the area of structured reinsurance solutions and direct business.[4]

Life & Health: Hannover Re offers its customers worldwide reinsurance protection in all lines of life and health insurance. It supports clients with the financing of new business and financial optimisation and offers product partnerships for strategic market positioning.[5]

Share and shareholder[edit]

The majority shareholder of Hannover Re is Talanx AG with 50.2% of the voting rights. The remaining shares are held by institutional or private investors. Shareholders include investors who pay particularly close attention to sustainability criteria.[6]

Leadership[edit]

Members of the Executive Board:[7] Jean-Jacques Henchoz (CEO), Clemens Jungsthöfel (CFO), Dr. Michael Pickel (Property & Casualty reinsurance), Sven Althoff (Property & Casualty reinsurance), Silke Sehm (Property & Casualty reinsurance), Claude Chèvre (Life & Health reinsurance), Dr. Klaus Miller (Life & Health reinsurance)

Members of the Supervisory Board:[8] Torsten Leue (Chairman), Herbert K. Haas, Natalie Bani Ardalan, Frauke Heitmüller, Ilka Hundeshagen, Dr. Ursula Lipowsky, Dr. Michael Ollmann, Dr. Andrea Pollak, Dr. Erhard Schipporeit

Locations[edit]

Africa: Abidjan, Johannesburg The Americas: Bogotá, Charlotte, Denver, Hamilton, Itasca, Mexico City, New York, Orlando, Rio de Janeiro, Toronto Asia: Hong Kong, Kuala Lumpur, Manama, Mumbai, Seoul, Shanghai, Taipei, Tokyo Australia: Sydney Europe: Dublin, Hannover, London, Madrid, Milan, Paris, Stockholm[9]

Key figures[edit]

Key figures of Hannover Re 2016-2020:[10]

Größe 2016 2017 2018 2019 2020
Gross written premium in m. EUR 16,353.6 17,790.5 19,176.4 22,597.6 24,765.5
Net premium earned in m. EUR 14,410.3 15,631.7 17,289.1 19,729.7 21,355.9
Net underwriting result in m. EUR 448.1 −253.6 156.9 −9.7 -693.7
Group net income in m. EUR 1,171.2 958.6 1,059.5 1,284.2 883.1
Total assets in m. EUR 63,528.6 61,196.8 64,508.6 71,356.4 71,439.8
Share price at year-end in EUR 102.80 104.90 117.70 172.30 130.30
Market capitalisation at year-end in m. EUR 12,397.4 12,650.6 14,194.3 20,778.9 15,713.8

Arts Promotion[edit]

On occasion of its 25th anniversary in 1991, the Hannover Re Foundation was established for the benefit of the Sprengel Museum. The task of the foundation is to acquire contemporary works of art and make them available to the Sprengel Museum on permanent loan. In addition to the Sprengel Museum, Hannover Re supports other cultural institutions based in Hannover, such as the Wilhelm Busch Museum, the Kunstverein Hannover and the Kestnergesellschaft Hannover. Hannover Re also has its own art collection, which is continually expanded through purchases. Since 2014 there has also been an exhibition series entitled "Meisterschüler" (Master Students) in cooperation with the Braunschweig University of Fine Arts.[11]

References[edit]

  1. ^ a b "Annual Report 2020" (PDF). Hannover Re. Retrieved 12 March 2021.
  2. ^ "Top 50 Reinsurers Revealed". Insurance Networking News. Retrieved 2013-08-23.
  3. ^ "History". Hannover Re. Retrieved 12 March 2021.
  4. ^ "Property & Casualty". Hannover Re. Retrieved 12 March 2021.
  5. ^ "Life & Health". Hannover Re. Retrieved 12 March 2021.
  6. ^ "Shareholder structure". Hannover Re. Retrieved 12 March 2021.
  7. ^ "Executive board". Hannover Re. Retrieved 12 March 2021.
  8. ^ "Supervisory board". Hannover Re. Retrieved 12 March 2021.
  9. ^ "Our Offices". Hannover Re. Retrieved 12 March 2021.
  10. ^ "Key figures". Hannover Re. Retrieved 12 March 2021.
  11. ^ "Sustainability report" (PDF). Hannover Re. Retrieved 12 March 2021.

External links[edit]